LVMH: Annual revenue declines by two percent

Business

The Louis Vuitton store on the Champs-Élysées in Paris Image: LVMH

French luxury conglomerate Moët Hennessy Louis Vuitton (LVMH) felt the impact of challenging market conditions in fiscal year 2024. On Tuesday evening, the group announced declines in revenue and profit, as expected.

Group revenue for the past year amounted to €84.7 billion. This represents a two percent decrease compared to the record year 2023. On an organic basis – i.e., adjusted for currency effects and changes in the group portfolio – revenue increased by one percent. In the final quarter, the group also achieved organic revenue growth of one percent, exceeding market expectations.

In the Fashion and Leather Goods division, which includes brands such as Louis Vuitton, Christian Dior, Loewe, Givenchy, and Celine, annual revenue was €41.1 billion, three percent lower (organically -1 percent) than the previous year.

Net Profit Shrinks by 17 Percent

In the Wines and Spirits segment, revenue declined by eleven percent (organically -8 percent) to €5.9 billion. In the Watches and Jewelry segment, revenue decreased by three percent (organically -2 percent) to €10.6 billion.

In contrast, LVMH achieved growth of two percent (organically +4 percent) in the Perfumes and Cosmetics business, reaching €8.4 billion. The Selective Retailing division, which includes DFS, Sephora, and Le Bon Marché, also saw growth: revenue increased by two percent (organically +6 percent) to €18.3 billion.

The group also fell short of the previous year's results in terms of profit. Profit from recurring operations decreased by 14 percent to €19.6 billion. Net profit attributable to shareholders shrank by 17 percent to approximately €12.5 billion.

This article originally appeared on FashionUnited.DE, translated and edited to English.

It was translated using AI. .

LVMH