3/13/2024 0 Comments Beat updaterWines and spirits is the only business unit that recorded lower sales, with a 4% contraction that the company attributed to a high comparison basis in 2022 and high inventory levels. Selective retailing, the unit that houses Sephora, posted a 25% increase in revenue to EUR17.89 billion, while watches and jewelry and perfumes and cosmetics fared less well, with sales up 7% and 11% respectively. LVMH's fashion and leather-goods division contributed EUR42.17 billion to total revenue, with sales up 14% organically. "While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams," said Bernard Arnault, chairman and chief executive of the group. However, China's economy has been suffering from a prolonged downturn in the property sector as well as weak exports and consumer demand. The country was the world's largest luxury market before the pandemic. China's economic woes added to the wider slowdown. Still, organic sales growth is below the 17% the group reported between 20.Īfter years of strong results fueled by a surge in demand for luxury goods, the industry has been grappling with slowing sales globally. The owner of the Louis Vuitton, Dior and Celine brands on Thursday reported sales of 86.15 billion euros ($93.79 billion) for 2023, up 13% on an organic basis from the previous year. We would appreciate all feedback below (positive and negative alike).LVMH Moet Hennessy Louis Vuitton posted sales above analysts' forecasts for 2023, led by strong growth at its core fashion and leather-goods division, and said it had entered the new year with confidence. Please post it in our USER GENERATED CONTENT Section of the Forum. We are always REALLY excited to see (and jam with!) all of the new BeatBuddy content you guys create.
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