Luxury giant LVMH reveals record sales and profit highs in 2022: international travel and a strong local demand saw billionaire Bernard Arnault’s empire grow with Dior, Louis Vuitton and Tiffany
- On January 26, LVMH announced its sales and net profit highs for 2022, driven by strong local demand in Europe, the US and Japan and the resumption of international travel
- The luxury conglomerate, which owns Bulgari, Givenchy, Tag Heuer, Kenzo and Moët et Chandon, saw its CEO Bernard Arnault overtake Tesla and Twitter exec Elon Musk as world’s richest man last year
The world’s top luxury group LVMH said on January 26 that its sales and net profit both hit new heights last year, driven by strong demand in Europe, the United States and Japan.
Sales soared 23 per cent to US$86 billion (79 billion euros) and net profit jumped 17 per cent to US$15 billion (14 billion euros) for 2022 – both new records for the group, whose brands include Bulgari, Givenchy, Louis Vuitton and Tag Heuer.
“With the month of January having started well and despite an uncertain geopolitical and economic environment, LVMH is confident in its ability to continue the growth observed in 2022.”
The maker of champagne, handbags, jewellery and other luxury goods is Europe’s most valuable company, with a market capitalisation that soared to US$430 billion (400 billion euros) last week.
Sales in its flagship division of fashion and leather goods increased 25 per cent, while for watches and jewellery they grew 18 per cent, the group said.
High-end jeweller Tiffany, which was bought by LVMH in 2021, saw a record year, it added without giving a breakdown of its sales.