LVMH Revenues Soared in 2023 Despite Economic Challenges
The luxury conglomerate announced a robust earning that has defied market expectations once more.
The post LVMH Revenues Soared in 2023 Despite Economic Challenges appeared first on LUXUO.
At the time of reporting, LVMH revenues saw its shares soaring over eight percent after announcing its sales for 2023 that went beyond analyst forecasts and showcased a 13 percent increase in organic growth from 2022, which amounted to USD 93.34 billion in revenue. LVMH saw a 10 percent rise in organic revenue in the fourth quarter alone. In LVMH’s crucial fashion and leather goods sector (which includes brands like Louis Vuitton, Dior, Celine, Givenchy and Loewe) the company saw 14 percent annual growth alongside an 11 percent increase in the perfumes and cosmetics segment.
It is worth noting that the company’s performance was boosted by sales in Asia, including China, which accounted for 31 percent of the luxury conglomerate’s total sales. LVMH saw its Chinese clientele double since 2019 despite pandemic woes, which led prominent brands in the group to increase their presence in the region. Dior’s Sauvage reaffirmed its status as the world’s top-selling fragrance in 2023. Bernard Arnault, chairman and CEO of LVMH stated “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.”
Let’s break down some...
The post LVMH Revenues Soared in 2023 Despite Economic Challenges appeared first on LUXUO.
At the time of reporting, LVMH revenues saw its shares soaring over eight percent after announcing its sales for 2023 that went beyond analyst forecasts and showcased a 13 percent increase in organic growth from 2022, which amounted to USD 93.34 billion in revenue. LVMH saw a 10 percent rise in organic revenue in the fourth quarter alone. In LVMH’s crucial fashion and leather goods sector (which includes brands like Louis Vuitton, Dior, Celine, Givenchy and Loewe) the company saw 14 percent annual growth alongside an 11 percent increase in the perfumes and cosmetics segment.
It is worth noting that the company’s performance was boosted by sales in Asia, including China, which accounted for 31 percent of the luxury conglomerate’s total sales. LVMH saw its Chinese clientele double since 2019 despite pandemic woes, which led prominent brands in the group to increase their presence in the region. Dior’s Sauvage reaffirmed its status as the world’s top-selling fragrance in 2023. Bernard Arnault, chairman and CEO of LVMH stated “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.”
Let’s break down some...
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