“While remaining vigilant in the current context, we approach the year 2024 with confidence,” declares the group’s CEO Bernard Arnault, quoted in the press release.
“It will be an exceptional and inspiring year, marked by our partnership with the Paris 2024 Olympic and Paralympic Games (…) This is a new opportunity for LVMH to further strengthen its lead in the global luxury market and to contribute to the influence of France throughout the world”, he adds.
The luxury giant which owns, among others, the brands Louis Vuitton, Dior, Tiffany and Moët & Chandon speaks of “another record year in a disrupted environment”. Since the third quarter, the luxury market has slowed down in Europe and the United States and has not regained the expected growth in China.
Profitability is stable with a current operating margin of 26.5%.
The luxury giant remains driven by its flagship fashion and leather goods division (Louis Vuitton, Dior, Celine, Fendi, etc.), whose sales increased by 9% to reach 42.2 billion euros. Louis Vuitton had “an excellent year,” according to the press release. Nicolas Ghesquière, for the women’s collections, renewed his contract for five years and 2023 will also have been the year of Pharell Williams’ first show for men’s fashion.
Selective distribution jumped 20% to 17.9 billion euros in sales, notably thanks to “an exceptional performance” from the perfumery brand Sephora.
Watches and jewelry grew by 3%, to approach 11 billion in turnover. Tiffany successfully reopened its flagship on 5th Avenue in New York in 2023, Bulgari is “in strong growth” and Tag Heuer “reaches a sales record”.
Perfumes and cosmetics achieved growth of 7% to 8.3 billion euros in sales, with a “remarkable performance” from Christian Dior.
During the general meeting on April 18, LVMH will propose a dividend of 13 euros per share (it was 12 euros in 2022).
