LVMH profits and revenues surge 23%

LVMH Moët Hennessy Louis Vuitton, the luxury goods group, revealed it recorded revenues of €79.2bn (£69.6bn) in 2022 and profits from recurring operations of €21.1bn (£18.5bn), both up 23%.

The luxury group said the performance comes as all business groups achieved “significant” organic revenue growth over the year.

Its fashion and leather goods notably reached record levels, with organic revenue growth of 20%.

Group share of net profit also increased 17% to €14.1bn (£12.3bn), while operating free cash flow surpassed €10bn (£8.7bn).

It added that Europe, the United States and Japan saw revenues rise sharply, benefiting from strong demand from local customers and the recovery of international travel. Asia was stable over the year due to developments in the health situation in China.

Bernard Arnault, chairman and CEO of LVMH, 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.”

He added: “This was showcased during our hugely successful LVMH Journées Particulières, when we opened our doors to all in fifteen countries in 2022 and saw a record number of visitors come to learn about the know-how of our artisans.

“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.”