LVMH has achieved another record year in 2022 for the second consecutive year with sales up 23% to 79 billion euros and current operating profit showing similar growth, to €21 billion, keeping in line with analysts’ projections for the luxury brand. With a valuation that recently exceeded 400 billion euros, the company gained in all sectors in its portfolio last year with particularly strong growth in the US (+15%), in Europe (+35%) and in Japan (+31%).
Despite the crises such as the veritable closure of the Chinese and greater Asian marketplace in 2022 the luxury giant generated net income of more than €14 billion, up 17% from a previous record-setting year in 2021.
The Fashion and Leather Goods division driven by the growth of Louis Vuitton and Dior, saw sales up by +20% at comparable exchange rates, to 38.6 billion euros and operating profit at +22%. This represents the first time that the division has exceeded 20 billion euros in turnover. In the Wines & Spirits business sales came in at +11% and operating profit at +16%, with champagne Dom Pérignon carrying more than 50% of the growth activity according to Citi.
“We approach 2023 with confidence given the current uncertainties, we remain vigilant and count on the desirability of our Houses and the agility of our teams to strengthen our lead in the global luxury market,” said Bernard Arnault, CEO of LVMH.
Photo Credit: LVMH