At the general meeting of the luxury group LVMH on Thursday in Paris, there were four central topics in the focus: Jonathan Anderson will in future be responsible for Dior’s men’s collection. It was emphasized that quality should be at all costs in the future. The company also spoke out for a free trade agreement with the USA. CEO Bernard Arnault received the green light for an extension of the term of office up to the age of 85 in a vote.
Of course, the current business figures of the luxury goods group should also be concerned after LVMH announced a drop in sales from two percent to 20.3 billion euros a few days ago in the first quarter of 2025.
Now LVMH announced updated figures for the 2024 financial year after the group announced the first result at the end of January.
Now the turnover was 86.15 billion euros and thus one percent above the previous year. The gross profit span was 59.28 billion euros. LVMH books investments of 5.5 billion euros in 2024.
Cécile Cabanis, deputy finance officer, commented on the results as follows: “With organic growth of one percent, sales revenue remain stable. However, there is a decline in profits and margins for wines and spirits as well as losses at DFS, which are luckily compensated for by Sephora.”
Arnault: no longer think about growth and sales, but about the further development of the product pallets
Bernard Arnault then commented on the results of the group’s individual houses and emphasized that fashion and leather goods make up 48 percent of sales. The Chief Executive Officer (CEO) then went into the perspectives of his group. “Due to the geopolitical and economic situation, the year 2025, potential tariffs and the tightening of the crises started uneasily.”
He replied to what he describes as a “economic” and not as “structural” events: “We have to avoid the banalization of luxury. We want this group to stay as desirable as possible, even if we achieve a little less growth. We will continue control with our values of excellence. If we wanted to achieve a button at Louis Vuitton press.”
He cited Loro Piana as an example: “The smaller the brands are, the more they address a wealthy and no demanding customer.
Customs and free trade zone
The United States of America (USA), which make up 25 percent of the market share, were of course the main topic of this general meeting, since there is a risk of additional tariffs. “We have to try to solve the question of tariffs by creating a free trade zone with the largest market in the world. It is not easy. It is not easy, because Europe is ruled by a bureaucracy that is disadvantaged by our economic sectors. own.”
This speech should be the numerous shareholders present: calm inside and ask them to vote with a large majority with “yes” to the 28th decision. This had the amendment to the statutes to the subject to set the age limit of the president of the board of directors and the CEO, in this case Bernard Arnault, to 85 years. General applause followed.
This article was used with digital tools translated.
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