LVMH 2023 Watch and Jewelry Sales hit $11.8bn
January 28, 24
(IDEX Online) - LVMH saw improved performances from its watches and jewelry businesses during 2023, with reported revenue up three per cent to $11.84bn.
Organic revenue grew by a "robust" 7 per cent and profit from recurring operations was also up 7 per cent, the company said in its full year results published on 25 January.
The French luxury conglomerate, which owns 75 maisons, reported total revenue for the year of $93.6bn across all sectors - including fashion, leather goods, perfumes, cosmetics, wines and spirits.
Profit from recurring operations was $24.8bn, a 13 per cent increase in organic growth compared to 2022. Growth in Q4 was stronger than the previous quarter.
Bernard Arnault, chairman and CEO spoke of the appeal and heritage of LVMH's maisons, highlighting Louis Vuitton and Christian Dior's fashion shows, Tiffany's reopening of The Landmark, its flagship store in New York, and the popularity of Sephora's beauty store store concept.
"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," he said.
Notable successes included the new Lock collection, and the new high jewelry collection Blue Book: Out of the Blue
Bulgari posted strong growth, driven by high jewelry, in particular the success of the Mediterranea collection. Fred inaugurated its Fred: Jewelry Designer exhibition in South Korea.
In watchmaking TAG Heuer announced record-breaking revenue and Hublot was appointed official timekeeper for the FIFA Women's World Cup 2023 in Australia.
Pic shows watchmakers at Hublot, courtesy LVMH.