LVMH grows to €86.15 billion in 2023

In the fourth quarter of the same financial year, LVMH reported sales of €23.95 billion, surpassing the estimated €23.72 billion by analysts. The organic sales increased by 10%, which was higher than the predicted 8.17% growth rate.

Bernard Arnault, the Group Chairman, attributed the excellent performance to the exceptional drawing power of the group's Houses and their ability to create desire even during a tense economic and geopolitical year. He praised the cultural and historical dimension of the Houses, which was reflected in the iconic fashion and leather goods brands that drove growth. The sector recorded a healthy 9% growth to reach €42.2 billion, while several brands such as Fendi, Christian Dior, Loro Piana, and Louis Vuitton posted record results.

Nicolas Ghesquière renewed his contract for the next five years for the women's collection, while Pharrell Williams' appointment to lead the men's collection helped boost sales. In addition, the watches and jewellery sector recorded a 3% growth, approaching sales of 11 billion euros, while perfumes and cosmetics grew by 7% to reach sales of 8.3 billion euros.

The luxury group posted a net profit of €15.17 billion, which was an 8% increase year-on-year. LVMH plans to propose a dividend of €13 per share at the Annual General Meeting on 18 April 2024.

Apart from the financial performance, LVMH also invests heavily in training new talent in craftsmanship, creation, and the transmission of know-how. It invests over €1 billion in France every year, with the presence of 144 production workshops between France and Italy, and has recruited 8,000 talented individuals by 2023.