Sunday, April 2, 2023

The registers are ringing at Louis Vuitton

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The registers are ringing at Louis Vuitton

The Louis Vuitton parent company LVMH had a record year in 2022. Revenue rose by almost a quarter to around 79.2 billion euros compared to the previous year, as the luxury brand group announced on Thursday evening in Paris.

Published: 4 minutes ago

The luxury products from the Louis Vuitton parent company were in great demand in 2022. (icon picture)

Above all, the most important segment related to fashion and leather goods increased: LVMH earned a fifth from its own resources with brands such as Louis Vuitton, Marc Jacobs and Rimowa. All other parts of the company also recorded a double-digit increase in sales.

Last year, LVMH was able to increase its operating profit by almost a quarter to around 21 billion euros. However, the company had to shoulder higher marketing and sales costs. The perfume business was the only segment to suffer a drop in profits. The bottom line is that LVMH earned almost 14.1 billion euros, 17 percent more than in 2021. Analysts had hoped for a little more in terms of both operating profit and net income.

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