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%).
Israel-based Lusix, producer of lab-grown diamonds completed an investment round of US$90m, and counts LVMH Luxury Ventures as one of its newly onboarded investors. The company will use the money to expand its production capacity later this year. In a Q&A with JCK News, industry analyst Paul Zimnisky discusses LGD trends, saying LGD prices have been dropping significantly lately as supply is booming. A 1.5ct for example dropped from US$3,500 to US$3,000, Zimnisky noted.
In recent weeks both the Arnault family and Tiffany & Co. have made headlines when it comes to the Metaverse. Days after his father, LVMH chairman Bernard Arnault signaled his wariness of the metaverse "bubble", Alexandre Arnault changed his profile picture on Twitter and Instagram to a Cryptopunk NFT (PFP). Alexandre, who is the executive VP of product and communications at Tiffany & Co., purchased an NFT titled Punk #3167 for ETH 160, roughly USD 415,000.