LVMH achieved a record year in 2022 and remains confident for growth in 2023 despite economic and geopolitical challenges.
The international luxury conglomerate recorded revenue of €79.2bn (£69.6bn) in 2022 and profit from recurring operations of €21.1bn (£18.5bn) – both increasing 23% year on year.
Group share of net profit reached €14.1bn (£12.3bn), up 17% compared with 2021, but operating margin remained at the same level as in 2021.
All business groups saw a growth in revenue, with fashion and leather goods reporting a 25% rise compared to 2021.
This was partly due to Louis Vuitton surpassing €20bn (£17.6bn) for the first time and other brands such as Christian Dior, Fendi and Marc Jacobs achieving record levels of revenue and earnings.
Wines and spirits recorded a 19% increase, perfumes and cosmetics were up by 17% and watches and jewellery rose by 18%.
Selective retailing saw a jump of 26% in revenue due to higher in-store activity and Sephora’s record performance in revenue and earnings.
LVMH chief executive and chair Bernard Arnault 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. Our growth strategy, based on the complementary nature of our activities, as well as their geographic diversity, encourages innovation and the quality of our creations, the excellence of their distribution, and adds a cultural and historical dimension thanks to the heritage of our maisons.
“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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