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LVMH Moët Hennessy Louis Vuitton, or simply LVMH, is a leading luxury company known worldwide. On Friday, Jan. 26, its shares shot up to more than eight percent, which is said to be higher than expected.
Organic Growth of LVMH
LVMH also raised its annual dividend as its business units and brands continue to show good results. The results revealed great hope for companies in the luxury sector amid inflation.
According to CNBC, the company's organic revenue increased by 10% in the fourth quarter. This number was bolstered by the 14% annual growth in its fashion and leather goods business. Its wines and spirits have also significantly contributed to the overall performance.
LVMH's High Growth Performance
LVMH has recorded a total earnings of €86.2 billion in 2023, equivalent to organic growth of about 13% based on its profits in the previous year. The company's business units have performed well and showed strong organic revenue growth, so a share price increase was expected.
"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," LVMH's chairman and chief executive officer, Bernard Arnault, said in a press release. "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."
The CEO went on to say, "While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams. For LVMH, it provides a new opportunity to reinforce our global leadership position in luxury goods and promote France's reputation for excellence around the world."
Photo by: Christian Wiediger/Unsplash
