LVMH records sales and profit growth in 2023

LVMH Moët Hennessy Louis Vuitton recorded revenue of 86.2 billion euros in 2023, equating to growth of 9 percent reported and organic growth of 13 percent.

In the fourth quarter, organic revenue growth came to 10 percent.

The company said in a statement that profit from recurring operations stood at 22.8 billion euros for 2023, up 8 percent, while group share of net profit amounted to 15.2 billion euros, up 8 percent.

Commenting on the full year trading, Bernard Arnault, chairman and CEO of LVMH, said: “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. The Group once again recorded significant growth in revenue and profits.”

LVMH posts strong growth across core brands

The Fashion & Leather Goods business group achieved organic revenue growth of 14 percent and 9 percent reported in 2023 to 38.6 billion euros. Profit from recurring operations was up 7 percent.

The company added that Louis Vuitton, Christian Dior, Celine, Loewe, Loro Piana, Fendi, Rimowa, Marc Jacobs and Berluti all delivered positive growth results.

The Perfumes & Cosmetics business group posted organic revenue growth of 11 percent and 7 percent reported to 7,722 million euros driven by its selective retail policy and innovation strategy, backed by LVMH’s research centre. Profit from recurring operations was up 8 percent.

The Watches & Jewelry business group recorded organic revenue growth of 7 percent and 3 percent reported to 10.8 billion euros in 2023, while profit from recurring operations was up 7 percent. Tiffany & Co. embarked on a new chapter with the reopening of “The Landmark” in New York.

The Selective Retailing business group posted organic revenue growth of 25 percent and 20 percent reported to 14.9 billion euros and the segment’s profit from recurring operations was up 76 percent.

LVMH confident of achieving revenue growth in 2024

While the geopolitical and macroeconomic environment remains uncertain, LVMH is confident in its ability to continue to grow in 2024. The company said that LVMH will pursue its brand development-focused strategy, underpinned by continued innovation and investment.

At the Shareholders’ Meeting on April 18, 2024, LVMH will propose a dividend of 13 euros per share. An interim dividend of 5.50 euros per share was paid on December 6, 2023 and the final dividend of 7.50 euros per share will be paid on April 25, 2024.