LVMH Reports Strong 2023 Growth

LVMH Reports Strong 2023 Growth

THE WHAT? LVMH Moët Hennessy Louis Vuitton reported €86.2 billion in revenue, a 13% increase from the previous year, with most business groups showing strong performance, except for Wines & Spirits. The company experienced significant growth in Europe, Japan, and other Asian markets, with a 10% rise in organic revenue in the fourth quarter. The profit from recurring operations grew by 8% to €22.8 billion, and the group’s net profit also increased by 8% to €15.2 billion.

THE DETAILS CEO Bernard Arnault credited this performance to the strong appeal and quality of LVMH’s brands despite economic and geopolitical challenges. He emphasized the group’s focus on innovation, design, retail excellence, and initiatives in environmental protection, talent development, and heritage preservation. LVMH is preparing for a partnership with the Paris 2024 Olympic and Paralympic Games to strengthen its luxury sector leadership and promote French excellence.

THE WHY? Key performances in 2023 included the Fashion & Leather Goods sector, with brands like Louis Vuitton and Christian Dior achieving record revenues. Growth was also seen in fragrances, makeup, jewelry, and watches, with Dior’s Sauvage remaining the world’s best-selling fragrance. Sephora excelled in beauty retail. LVMH’s LIFE 360 environmental program met its 2023 goals, progressing in renewable energy use and CO2 emissions reduction. LVMH’s global workforce surpassed 213,000, with significant economic contributions in France and globally, and support for over 950 nonprofits and charitable foundations.