Despite rising interest rates and a demanding world economy, the company behind Louis Vuitton, Moët and Hennessy has increased its revenues.
Last year was a good year for Louis Vuitton, which according to the owner had an “excellent year”. Photo: BENOIT TESSIER / Reuters / NTBPublished:
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Luxury company LVMH increased its turnover last year by 9%.
The letters in the name represent the fashion house Louis Vuitton, the champagne producer Möet et Chandon and the cognac producer Hennessy.
In 2023, the company recorded revenue of 86 billion euros, or 974 billion crowns, compared to 79 billion euros the previous year.
LVMH is the largest luxury group in the world and behind exclusive brands such as Louis Vuitton, Christian Dior, Celine, Fendi and Marc Jacobs.
While the company reported a decline in wine and spirits sales, revenue from fashion and leather products increased 9%. The latter generated a turnover of 42 billion euros – 476 billion Norwegian kroner – last year.
In the results, the company writes that Louis Vuitton had an “excellent year.”
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The company’s CEO and president Bernard Arnault is, according to the Bloomberg Billionaires Index, the third richest person in the world, beaten only by Elon Musk and Jeff Bezos.
Bloomberg writes that Arnault is worth 165 billion dollars, which corresponds to 1,724 billion Norwegian kroner.
Bernard Arnault presented the company’s results in Paris on Thursday. Photo: STEPHANE DE SAKUTIN / AFP / NTB
LVMH is listed on the Paris Stock Exchange and Arnault himself presented the results in the French capital on Thursday.
Last year the company’s operating profit was 22.5 billion euros, up from 21 billion the previous year.
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