Companies

LVMH reports another strong year

Jan 26, 2024 France

The French-based luxury conglomerate highlighted a “remarkable performance” from its Fashion & Leather Goods business group, with organic revenue growth of 13% year-on-year in 2023

“Our performance in 2023 illustrates the exceptional appeal of our Maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges. The Group once again recorded significant growth in revenue and profits. Our growth strategy, based on the complementary nature of our businesses, as well as their geographic diversity, encourages innovation, high-quality design and retail excellence, and adds a cultural and historical dimension thanks to the heritage of our Maisons”, commented Bernard Arnault, Chairman and CEO of LVMH.

Full Year Results

In 2023, the luxury conglomerate’s revenue reached 86.2 billion euros, an increase of 9% on a reported basis and 13% on an organic basis, on a comparable basis to 2022. Its performance improved in the fourth quarter from the previous quarter, with its revenue up by 10% year-on-year on an organic basis to 23.9 billion euros.

Overall, all business groups reported “strong organic revenue growth” in 2023, except for Wines & Spirits, which faced a high base of comparison and high inventory levels, and Europe, Japan and the rest of Asia recorded double-digit organic growth.

LVMH’s profit from recurring operations rose by 8% last year, as compared to the prior year, totalling 22.8 billion euros, and its current operating margin remained stable. In the same line, the Group’s share of net profit amounted to 15.2 billion euros, growing by 8% on a comparable basis to 2022.

Fashion & Leather Goods

The luxury group highlighted the “exceptional performances” by Louis Vuitton, Christian Dior, Celine, Loro Piana, Loewe, Rimowa and Marc Jacobs in 2023.

As a result, the Fashion & Leather Goods business group achieved revenue growth of 9% on a reported basis and 14% on an organic basis in 2023, as compared to the previous year, which amounted to 42.2 billion euros. Profit from recurring operations increased by 7% year-on-year to 16.8 billion euros.

Image Credits: www.numeromag.nl

France Fashion Leather goods Luxury LVMH Quarter Results Results Year Results