Luxury goods conglomerate LVMH reported a surge in sales and profits as beauty giant Sephora delivered an “exceptional performance” for the full year 2023.
LVMH posted a rise of 8% in net profit to €15.1bn (£12.89bn) while total sales grew 13% to €86.2bn (£73.56bn) compared to 2022.
The luxury goods retailers said this was driven by the “remarkable performance” of its fashion and leather goods business and the “particularly strong momentum in fragrances and makeup across all regions”.
LVMH’s selective retailing division posted organic revenue growth of 25% to €17.8bn (£15.19bn) in 2023, while profit from recurring operations was up 76%.
This was driven by “another historic year” for Sephora as sales and profits grew and it continued its strong momentum in North America, Europe and the Middle East. LVMH noted the “highly successful opening” of its two stores in the UK.
Bernard Arnault, LVMH chair and chief executive, said: “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. The group once again recorded significant growth in revenue and profits.
“2023 also saw us make progress in several key areas that are essential components of our long-term vision: protecting the environment, developing our talent and preserving and passing on our expertise.
“While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams. It promises to be an inspiring, exceptional year for us all, featuring our partnership with the Paris 2024 Olympic and Paralympic Games, whose core values of passion, inclusion and surpassing oneself are shared by our group.
“For LVMH, it provides a new opportunity to reinforce our global leadership position in luxury goods and promote France’s reputation for excellence around the world.”
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