The French luxury group LVMH, known for clothing brand Louis Vuitton and Moët & Chandon champagne, has seen its turnover rise to a record high in the past year. This is due to strong demand in Europe and the United States, among others. The company reports this on Thursday with the publication of its annual figures.
LVMH’s revenues amounted to more than 79 billion euros last year, an increase of 23 percent on an annual basis. The turnover of all divisions increased, from drinks to watches and from perfumes to clothing. The profit for LVMH also broke a record with 14 billion euros.
In addition to those in Europe and the US, the market in Asia also remained stable, the company reports. That is despite the strict corona restrictions that were in place in China until recently, and the aftermath of those restrictions being lifted. As a result, the number of corona infections in the country rose rapidly.
LVMH is owned by French billionaire Bernard Arnault. He overtook Tesla and Twitter boss Elon Musk as the richest man in the world last year. In recent months, 73-year-old Arnault has restructured the company’s leadership by giving his children top positions. This is how his daughter becomes top woman of fashion brand Dior.
