Luxury goods conglomerate LVMH Moët Hennessy Louis Vuitton recorded an increase of 6 percent in revenue in 2014 over the previous year, said an official reported dated 3 February, with jewellery sales outperformed watches which faced “cautious purchasing behavior of multi-brand watch retailers”.
The Watches & Jewelry group recorded organic revenue growth of 4 percent. Profit from recurring operations reached 283 million euros. “While jewellery revenue showed remarkable momentum, watches were penalised by the cautious purchasing behaviour of multi-brand retailers in an uncertain economic environment,” said LVMH.
Bulgari’s iconic line brought strong growth to the brand, said the company. LVMH recorded a total of 30.6 billion euros in 2014, with organic revenue growth of 5 percent. Revenue in all business groups increased except wines and spirits which continued to be affected by the destocking of distributors in China. Sales were strong in the United States.
Chairman and CEO of LVMH Bernard Arnault said: “The 2014 results confirm the capacity for LVMH to progress despite economic and currency uncertainty. Revenue and net profit reached new record levels...In 2014, all our maisons demonstrated outstanding flexibility. By adapting their strategies to global changes and by continuing to evolve, they have shown the creativity and entrepreneurship that drive them forward.”
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