LVMH Moet Hennessy Louis Vuitton turned over more than analysts expected last year.
This was primarily due to the strong growth in the core business of fashion and leather goods. The luxury goods group LVMH is starting the new year confidently.
The owner of the Louis Vuitton, Dior and Celine brands achieved sales of 86.15 billion euros in 2023, representing organic growth of 13 percent compared to the previous year. The fashion and leather goods division contributed 42.17 billion euros to total sales, with sales increasing organically by 14 percent, as LVHM announced.
The “Selective Retailing” division, which also includes the skin care brand Sephora, increased its sales by 25 percent to 17.89 billion euros, while the watches and jewelry as well as perfume and cosmetics divisions did less well with an increase of 7 percent and 11 percent respectively cut off. Only the wines and spirits sector suffered a decline in sales of 4 percent.
Net profit rose to 15.17 billion euros from 14.08 billion euros last year, and the company said it would propose a dividend of 13 euros per share to the general meeting on April 18, one euro more than last year.
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PARIS (Dow Jones)