LVMH, the world’s largest luxury goods company, reported annual turnover of €79 billion, an increase of 17% compared to 2021. writes about it fashion business.
Q4 sales were up 9% to approximately €22.7 billion; sales increased 8% in Asia, 9% in the USA, 28% in Europe and 29% in Japan. In the fourth quarter, the fashion and leather division grew by 10% to 10 billion Euros.
LVMH CEO Bernard Arnault said that Louis Vuitton’s annual sales exceed 20 billion euros, while Celine’s sales exceed 2 billion euros.
He also said: “I’m pretty confident for 2023. The start will be very strong if China’s opening is confirmed. We will see, we cannot guarantee that this will continue. And we cannot guarantee that something will not happen. Two years ago, we did not expect the Ukraine issue. But if things keep going like this, it’s going to be a great year.”
Arno’s five children attended the conference. Asked by an analyst about the succession plan for the takeover of the company, Arnaud declined to answer and joked that France is currently raising the retirement age.
Formerly socialbites.ca reportedMoet Hennessy changed the management of its subsidiary in Russia.
Source: Gazeta
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