LVMH's Sales Climb 10% in Q4 2023
The leading luxury group saw sales reach €86.2 billion EUR last year, up 13% from 2022.
LVMH, the mammoth luxury conglomerate that oversees industry-leading brands including Louis Vuitton, Dior, Celine and LOEWE, exceeded analysts’ expectations in the fourth-quarter of last year, reporting organic revenue growth of 10%. The average estimate among forecasters was 8%, per Business of Fashion.
The company’s full-year operating profit climbed by 8% to reach €22.8 billion EUR ($24.7 billion USD). LVMH experienced the highest growth in its selective retailing division, which houses labels including Sephora, Hong Kong’s DFS and Belmond Hotels. Sales increased by 21% in the category.
On the fashion and leather goods front, where LVMH makes the majority of its sales, the company saw sales grow by 9%, which mirrors the results that were reported for the third quarter. The parent company also reported particularly strong momentum in its fragrance and makeup division, across all regions.
For the full year, the leading luxury group recorded revenue of €86.2 billion EUR ($93.3 billion USD) in 2023, marking an organic increase of 13% with respect to 2022. The figure surpassed industry estimates of €85.3 billion EUR, per WWD.
“Our performance in 2023 illustrates the exceptional appeal of our Maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges,” LVMH chairman and CEO Bernard Arnault said in a statement. “This was reflected in Louis Vuitton and Christian Dior’s spectacular fashion shows, Tiffany’s reopening of “The Landmark” in New York and the ever-growing popularity of Sephora’s store concept worldwide.”
Looking to the future, Arnault added, “While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams. It promises to be an inspiring, exceptional year for us all, featuring our partnership with the Paris 2024 Olympic and Paralympic Games, whose core values of passion, inclusion and surpassing oneself are shared by our Group.”
See LVMH’s full financial report for 2023 here.
