Sales of the largest luxury group in the world, owner of brands such as Louis Vuitton, Dior and Tiffany, reached almost 24 billion euros in the last three months of 2023
LVMH reported a 10% increase in fourth-quarter sales, driven by resilient demand – including in China – for its fashion brands during the key holiday period.
Sales of the world’s largest luxury group, owner of brands such as Louis Vuitton, Dior and Tiffany, reached almost 24 billion euros in the last three months of 2023, excluding currency fluctuations and acquisitions.
“It has been going well, we generated a good level of activity with bases of comparison that were not so simple last year, notably in December, with a very good level of activity, so in terms of demand we are quite satisfied”, said the CFO of company, Jean-Jacques Guiony.
“We have significant growth in Chinese customers that continues unabated,” he added to journalists.
LVMH, a conglomerate covering beverages, jewelry, cosmetics and fashion, is considered a reference for the luxury industry in general.
After a post-pandemic upswing that drove stellar sales growth for luxury fashion companies over two years, consumers have been reining in purchases, especially younger, less affluent clientele who are more vulnerable to rising inflation. .
Barclays analysts project 5% growth across the high-end luxury business sector this year, down from 9% last year and double-digit growth in the previous two years.
Spending by North Americans and Europeans remains subdued, analysts say, and has only been partially offset by the return of Chinese tourists after lockdowns.
Sales at LVMH’s fashion and leather goods division, which includes its biggest brands Vuitton and Dior, rose 9% during the quarter, slightly below expectations for 10% growth.
The group proposed a dividend of 13 euros per share, up from 12 euros a year ago. And it predicts continued growth next year, despite an uncertain macroeconomic and geopolitical context
