LVMH Expects a positive bump from the U.S. election
LVMH has defied the recent downturn in luxury sales, reporting robust earnings that exceeded analyst expectations. The company’s 2023 revenue reached over $93 billion, marking a 13% increase from the previous year, with a notable 14% surge in the fashion and leather goods segment. CEO Bernard Arnault attributed the success to the growth across various…
LVMH has defied the recent downturn in luxury sales, reporting robust earnings that exceeded analyst expectations. The company’s 2023 revenue reached over $93 billion, marking a 13% increase from the previous year, with a notable 14% surge in the fashion and leather goods segment.
CEO Bernard Arnault attributed the success to the growth across various brands, singling out achievements like Celine surpassing €2 billion in sales. Arnault expressed confidence in the company’s future, anticipating positive impacts from Louis Vuitton’s watch category reinvention and highlighting the potential boost from the upcoming U.S. election in 2024. While the broader luxury market faced challenges in recent months, Arnault sees opportunities in the U.S. election, historically associated with increased market dynamism.
Despite a challenging year for the U.S. luxury market, LVMH’s chief financial officer, Jean Jacques Guiony, noted improvement in Q4. Arnault remains optimistic about the return of demand, anticipating continued growth in 2024 and citing potential positive effects from declining interest rates throughout the year. As LVMH bucks the luxury sales slowdown trend, its strategies and confidence in upcoming initiatives position the company favorably in the competitive landscape.
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