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LVMH has reported revenue growth of 23% to £69.5 billion (€79.1 billion) for 2022, with the fashion and leather goods segment reaching “record” levels.
The luxury conglomerate saw revenues increase 25% to £33.9 billion (€38.6 billion), with Louis Vuitton revenue surpassing £17.5 billion (€20 billion) for the first time. Growth was also driven by Christian Dior, Celine, Fendi, Loewe and Marc Jacobs.
The watches and jewellery business group recorded revenue growth of 18% to £9.2 billion (€10.5 billion), with “sustained creative momentum” from Tiffany & Co, Bulgari and TAG Heuer.
The perfume and cosmetics business group saw revenues rise 17% to £6.7 billion (€7.7 billion), driven by “strong” growth in perfumes.
The Selective Retailing business group reported revenue up 26% to £13 billion (€14.8 billion), boosted by a “remarkable rebound” for beauty retailer Sephora. Sephora has recently announced it will be returning to the UK retail market with the first store to open in Westfield London.
Total revenue in Europe, the US and Japan “rose sharply”, benefiting from demand from local customers and the recovery of international travel. The Asian market remained “stable” over the year, due to the resurgence of COVID-19 in China.
Profit from recurring operations increased 23% to £18.5 billion (€21.1 billion).
Bernard Arnault, Chairman and CEO of LVMH, said: “Our performance in 2022 illustrates the exceptional appeal of our Maisons and their ability to create desire during a year affected by economic and geopolitical challenges. The group once again recorded significant growth in revenue and earnings.
“We approach 2023 with confidence but remain vigilant due to current uncertainties. We count on the desirability of our Maisons and the agility of our teams to further strengthen our lead in the global luxury market and support France’s prestige throughout the world.”
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