01.25.24
LVMH Moët Hennessy Louis Vuitton recorded revenue of $93.44 billion in 2023, equating to organic growth of 13% with respect to 2022.
Europe, Japan and the rest of Asia achieved double-digit organic growth. In the fourth quarter, organic revenue growth came to 10%.
Profit from recurring operations stood at $24.71 billion for 2023, up 8%. The current operating margin remained stable with respect to 2022. Group share of net profit amounted to $16.48 billion, up 8%.
“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,” said Bernard Arnault, chairman and CEO of LVMH. “The group once again recorded significant growth in revenue and profits. Our growth strategy – based on the complementary nature of our businesses, as well as their geographic diversity – encourages innovation, high-quality design and retail excellence, and adds a cultural and historical dimension thanks to the heritage of our Maisons.”
This was reflected, he said, in Louis Vuitton and Christian Dior’s “spectacular fashion shows,” Tiffany’s reopening of “The Landmark” in New York and the growing popularity of Sephora’s store concept worldwide.
Perfumes & Cosmetics
LVMH experienced a double-digit organic revenue growth in Europe, Japan and the rest of Asia and particularly strong momentum in fragrances and makeup across all regions, and ongoing global success of Dior’s Sauvage, a reported best-selling fragrance in 2023.
The perfumes and cosmetics business group posted organic revenue growth of 11% in 2023 thanks to its highly selective retail policy and dynamic innovation strategy, backed by the scientific excellence of LVMH’s research center. Profit from recurring operations was up 8%.
Christian Dior achieved a “remarkable performance,” extending its lead in its key markets, the company said. Fragrances were once again buoyed by the success of Sauvage, Miss Dior and J’adore, which was enriched with Francis Kurkdjian’s latest creation, L’Or de J’adore. Makeup (with Dior Addict) and skincare (with Prestige and L’Or de Vie) also contributed to the Maison’s growth. Guerlain continued to grow, driven by the popularity of its Aqua Allegoria line and its L’Art et la Matière high-end fragrance collection, as well as the “excellent response” to its Terracotta Le Teint makeup.