French luxury conglomerate LVMH recorded revenue of €86.2 billion (around $93.3 billion) in 2023, equating to organic growth of 13 percent with respect to 2022. Europe, Japan and the rest of Asia achieved double-digit organic growth. In the fourth quarter of 2023, organic revenue growth came to 10 percent.
Robust growth registered in jewellery and powerful creative momentum for all the watches and jewellery maisons, in particular Tiffany, Bulgari and TAG Heuer.
According to the group, the watches and jewellery business recorded organic revenue growth of 7 percent in 2023. Profit from recurring operations was up 7 percent. Tiffany embarked on a new chapter in its history with the reopening of “The Landmark” in New York. The new Lock collection, which continued to be rolled out worldwide, was a huge success, and Blue Book: Out of the Blue – the new high jewellery collection designed by creative director for jewellery Nathalie Verdeille – was unveiled.
Bulgari posted strong growth, driven by high jewellery, in particular the success of the Mediterranea collection. Its iconic Serpenti line, which celebrated its 75th anniversary, turned in a remarkable performance, both in jewellery and in women’s watches, taking home awards at the Geneva Watchmaking Grand Prix.
Chaumet continued to channel its powerful creativity through a new high jewellery line and held its A Golden Age: 1965-1985 retrospective exhibition in the historic salons of its 12 place Vendôme location. Fred inaugurated its Fred: Jewelry Designer exhibition in South Korea.
In watchmaking, highlights of the year included TAG Heuer’s achievement of revenue and its celebration of the 60th anniversary of its Carrera collection, along with Hublot’s appointment as the official timekeeper for the FIFA Women’s World Cup in Australia.
Bernard Arnault, chairman and CEO of LVMH, commented: “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. The Group once again recorded significant growth in revenue and profits. Our growth strategy, based on the complementary nature of our businesses, as well as their geographic diversity, encourages innovation, high-quality design and retail excellence, and adds a cultural and historical dimension thanks to the heritage of our maisons.”
01-02-2024
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