Luxury conglomerate LVMH has reported a 13 per cent leap in revenue for last year to €86.2 billion (US$93.5 billion) with double-digit growth in Europe, Japan and the rest of Asia.
Full-year operating profit for the year amounted to $24.7 billion, up 8 per cent. The French luxury group recorded growth across all business groups except Wines & Spirits. The Selective Retailing accounted for the highest-growth sector with revenue increasing 25 per cent, followed by Fashion & Leather Goods with 14 per cent growth in sales this year.
The group’s sales in the fourth quarter were up 10 per cent to $26 billion.
“While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams,” said Bernard Arnault, chairman and CEO of LVMH.
Arnault said the group’s partnership with the Paris 2024 Olympic and Paralympic Games will offer new opportunity to “reinforce our global leadership position in luxury goods and promote France’s reputation for excellence around the world”.
Following the financial announcement, Arnault’s sons, Alexandre Arnault and Frédéric Arnault, will join their siblings, Antoine and Delphine, to become members of the board of directors.
LVMH striked a deal to sponsor next year’s Olympic Games in Paris in July with top fashion brands Louis Vuitton and Dior, Moet Hennessy champagne and spirits labels and jeweller Chaumet, which will design medals for the event.
