The French luxury goods group Moët Hennessy Louis Vuitton (LVMH) felt the difficult market conditions in the 2024 financial year. As expected, the group of companies had to announce in sales and results on Tuesday evening.
Last year, the group turnover was 84.7 billion euros. This corresponded to a decline by two percent compared to the record year 2023. On the basis of organic – i.e. adjusted to currency effects and changes in the corporate portfolio – however, the proceeds increased by one percent. In the final quarter, too, the group achieved an organic sales increase of one percent and thus exceeded the market expectations.
In the fashion and leather goods division, in which the brands Louis Vuitton, Christian Dior, Loewe, Givenchy and Celine are run, annual turnover was 41.1 billion euros and thus by three percent (organ -1 percent) below the previous year’s level .
The net profit shrinks by 17 percent
In the area of wine and spirits, the proceeds shrank by eleven percent (currency -adjusted -8 percent) to 5.9 billion euros, in which clocks and jewelry division fell by three percent (disabilities -2 percent) to EUR 10.6 billion.
In the business with perfume and cosmetics, on the other hand, LVMH achieved an increase of two percent (currency -adjusted +4 percent) to 8.4 billion euros. The retail division with the chains DFS, Sephora and Le Bon Marché was also able to grow: their turnover rose by two percent (disabilities +6 percent) to 18.3 billion euros.
The group also missed the previous year’s level in the result. The operational profit, which was adjusted for special effects, fell by 14 percent to 19.6 billion euros. The net profit, which was due to the shareholder, shrank by 17 percent to around 12.5 billion euros.