THE WHAT? LVMH has announced its results for the 2022 financial year. The luxury goods conglomerate saw revenue rise 23 percent to a record €79.2 billion and profit leap 23 percent to €21.1 billion.
THE DETAILS All business groups recorded ‘significant’ organic revenue growth, LVMH said, with perfumes recording ‘strong growth’ to push organic sales in the Perfumes & Cosmetics category up 10 percent and Sephora rebounding, putting on a record performance in revenue and earnings terms, helping the Selective Retailing unit record an organic sales increase of 17 percent.
In terms of geographies, Europe, Japan and the US saw steep rises as international travel recovered and local demand strengthened.
THE WHY? Bernard Arnault, Chairman and CEO of LVMH, commented, “Our performance in 2022 illustrates the exceptional appeal of our Maisons and their ability to create desire during a year affected by economic and geopolitical challenges. The Group once again recorded significant growth in revenue and earnings. Our growth strategy, based on the complementary nature of our activities, as well as their geographic diversity, encourages innovation and the quality of our creations, the excellence of their distribution, and adds a cultural and historical dimension thanks to the heritage of our Maisons. This was showcased during our hugely successful LVMH Journées Particulières, when we opened our doors to all in fifteen countries in 2022 and saw a record number of visitors come to learn about the know-how of our artisans. We approach 2023 with confidence but remain vigilant due to current uncertainties. We count on the desirability of our Maisons and the agility of our teams to further strengthen our lead in the global luxury market and support France’s prestige throughout the world.”