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LVMH profits and revenues rise again

Revenue at LVMH’s fashion and leather goods division revenue grew 20% in 2019 to €22.2bn year on year, leading to a 24% increase in profit to €7.3bn. 

The French luxury group’s revenue rose 15% to €53.7bn in the year to 31 December 2019. Profit from recurring operations was €11.5bn, up 15% on “an already high level in 2018”.

The fashion house did not disclose revenue by brand, but reported “exceptional growth” at Louis Vuitton and Christian Dior, while Bulgari had an “excellent year”. 

The group said Europe and the US experienced good growth over the year, as did Asia, despite a difficult environment in Hong Kong in the second half of 2019. It said was “cautiously confident” for 2020.

Revenue grew across some of its other divisions, including perfumes and cosmetics (12%), and watches and jewellery (7%). Wine and spirits revenue rose by 8%.  

LVMH had another record year, both in terms of revenue and results,” said Bernard Arnault, chairman and chief executive officer of LVMH.  

“The desirability of our brands, the creativity and quality of our products, the unique experience offered to our customers, and the talent and the commitment of our teams are the group’s strengths, and have, once again, made the difference.

“Highlights of the year include the arrival of the exceptional hotel group Belmond, the partnership with Stella McCartney and the agreement with prestigious jewellery house Tiffany & Co.

“In a buoyant environment that remains uncertain in 2020, we continue to be vigilant and focused on our objectives for progress. We can count on the strength of our brands and the agility of our teams to reinforce, once again in 2020, our leadership in the universe of high-quality products.”

 

 

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