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Paris (AWP/AFP) – The luxury giant LVMH experienced the whole sector a year 2024 heckled, with a decline in its sales and a drop in its profit, and its CEO Bernard Arnault wants to be confident for 2025 but denounces the threat of surcharge that hovers on his group.
Net profit plunged in 2024 from 17% to 12.55 billion euros, and turnover fell 2% to 84.7 billion euros.
“Once is not customary, I will not speak of a record year,” said the CEO of the world number one luxury by presenting the annual results.
Bernard Arnault also denounced the corporate tax surcharge in readiness in France for the largest companies, believing that it is indeed a “tax on the made in France” which “pushes to relocation”.
“I come back from the USA and I could see the wind of optimism that reigned in this country. And when we come back to France, it’s a bit of a cold shower,” said the French billionaire, who was present with the family to the nomination of US President donald Trump.
“In the USA, taxes will drop to 15%, the workshops are subsidized in a series of states (…) when we return to France and we see that we are about to increase taxes by 40% Companies that make in France,it is amazing. “It is the taxation of the made in France.”
The French government plans to apply a surcharge for only a year, but according to Bernard Arnault “nobody believes it: once we have increased taxes by 40%, which will lower them by 40%?” He launched Tuesday on the sidelines of the conference presenting the results.
Down profitability
the year 2024 of LVMH was marked by “a weakness in Asia”, accept in Japan, and an “uncertain electoral period” in the United States, a major luxury market. But “europe is doing quite well,” said bernard Arnault.
In total, profitability has dropped.The current operating margin dropped to 23%, against 26.5% in 2023. A level which remains high, though.
“We had three years of euphoria in 2021, 2022 and 2023, we have a year of consolidation in 2024, we must take this year for what it is,” said financial director Jean-Jacques Guiony.
“We have a slight tendency to improve in the United States and Europe at the end of the year,” he added. Sales in the fourth quarter are stable over one year, at 23.9 billion euros.
In 2024, sales of the flagship mode and leather goods (Louis Vuitton, Dior, Celine, Fendi …) fell 3% to 41 billion euros.
Faced with analysts who point to weaknesses in Dior, the second pillar of fashion and leather goods behind Louis Vuitton, Bernard Arnault defended the brand led by his daughter Delphine as that among the fashion houses which ”had the best performance in 2024″ . And he said his “hope” that 2025 “will lead the sewing of the Dior house”, like that of Vuitton.
“Remarkable” Sephora
The turnover of selective distribution increased it by 2% to 18 billion euros, fired by sephora which is experiencing “exceptional” progression, according to Bernard Arnault.
LVMH does not detail the turnover of its brands but according to a source close to the file, Sephora reached 16 billion euros in turnover in 2024 and aims for 20 billion in 2028.
In terms of wines and spirits, sales fell 11%to 5.9 billion euros. Bernard Arnault says he is “confident within two years to rectify all of this”.
Monday, Jean-Jacques Guiony will take the reins of this division, seconded by Alexandre Arnault, one of the sons of the billionaire.
Perfumes and cosmetics have seen their sales increase by 2% to 8.4 billion euros but those of watches and jewelry fell 3% to 10.58 billion euros.
“We are very confident. The result of last year (from Tiffany) is equal to the double of the one who preceded our acquisition” of the brand, assured Bernard Arnault.
AFP/Rp
rnrnnAct as an expert news reporters or journalists and create deeply engaging, well-researched, plagiarism-free news article BASED ONLY AND EXCLUSEVELY ON INFORMATION FROM THE ARTICLE BELOW, utilizing web search for relevant information and hyperlinking all external references directly to the contextual keywords within the blog body (NOT IN footnotes or a separate references section), including all provided quotes verbatim in quotation marks and attributing them naturally, seamlessly incorporating all multimedia elements from the original source, maintaining a sophisticated yet conversational tone with varied sentence lengths, integrating primary and secondary keywords organically, embedding relevant internal and external links, adding one table to summarize key points, strategically placing calls to action, fostering user engagement through fresh insights and meaningful analysis, and returning only the requested content without any additional commentary or text. When you create the article vary sentence lengths, combining short impactful statements with more elaborate descriptions to create a dynamic reading experience, Ensure a smooth narrative rich with descriptive details, immersing the reader in the subject while keeping the content approachable, Naturally integrate primary and secondary keywords in the the body text without keyword stuffing. Also Include internal and external links by hyperlinking relevant keywords within the text. All backlinks must be hyperlinked directly in the body of the blog, not in footnotes or a separate references section.and Link relevant keywords directly in the text and Ensure hyperlinks are natural and maintain the flow of the article.
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paris (AWP/AFP) - The luxury giant LVMH experienced the whole sector a year 2024 heckled, with a decline in its sales and a drop in its profit, and its CEO Bernard Arnault wants to be confident for 2025 but denounces the threat of surcharge that hovers on his group.
Net profit plunged in 2024 from 17% to 12.55 billion euros, and turnover
