Barbados Times

Barbados, Caribbean & World News
Monday, May 29, 2023

LVMH: Sales soar at luxury firm headed by world's richest man Bernard Arnault

LVMH: Sales soar at luxury firm headed by world's richest man Bernard Arnault

A 'significant rebound' in Asia following the easing of COVID-19 lockdown restrictions helped LVMH's revenue grow by 17% in the first quarter.
The world's richest man Bernard Arnault has received a boost after his luxury goods company LVMH reported a 17% rise in global sales.

The group, which owns brands including Moët, Hennessy and Louis Vuitton, recorded revenue of €21bn (£18.5bn) in the first quarter of 2023.

LVMH hailed its "excellent" start to the year as it came despite ongoing global economic uncertainty amid the Ukraine war and concerns over inflation.

It said a "significant rebound" in sales in Asia had been a major factor, following the easing of 1COVID1-19 lockdown restrictions, particularly in China.

Elsewhere, the company reported "strong" growth in Europe and Japan, but described its performance in the United States as "steady".

The total revenue marks a 17% rise on the same period last year.

It comes just months after Mr Arnault, who is the majority shareholder, chairman and CEO of LVMH, overtook Twitter and Tesla boss Elon Musk to become the world's richest man.

Forbes estimated earlier this month that the 74-year-old Frenchman's personal fortune stood at $211bn (£168bn) thanks to LVMH's success.

Latest results show the company's sales of fashion and leather goods grew by 18% in the quarter, while its perfumes and cosmetics business - and its watches and jewellery group - were both up 11%.

A LVMH spokesperson said that executives were cautiously optimistic about the year ahead.

"In an uncertain geopolitical and economic context, LVMH remains both vigilant and confident at the start of the year," they said.

"The group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution."

In January, the luxury goods company recorded total revenue of €79.2bn (£69.7bn) in 2022 and profit of €21.1bn (£18.6bn), both up 23% on 2021's figures and a new record for the group.
Newsletter

Related Articles

Barbados Times
Close
0:00
0:00
If you donated to BLM, you got played
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
Actor Tom Hanks told Harvard University graduates to be superheroes in their defense of truth and American ideals, and to resist those who twist the truth for their own gain
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
France Arrests 10 on Suspicion of Failing to Respond in Time to Migrant Drowning
Neuralink Receives FDA Approval for First-in-Human Clinical Study
Is Saudi Arabia the holiest place in the world? Ancient Hebrew Inscriptions from "The Mount Sinai Stand" Discovered in Saudi Arabia
Ukrainian Intelligence Official Admits to Assassination Attempts on Putin
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
TikTok Sues Montana Over Law Banning the App
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
Last Walmart in North Portland Closing Down
Florida's DeSantis seeks to disqualify judge in Disney case
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
Debt Ceiling Crises Have Unleashed Political Chaos
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
The Prime Minister of St. Vincent and the Grenadines calls the British monarchy "an absurdity" he wants to remove in his lifetime
King Charles III being crowned.
'Godfather Of AI' Geoffrey Hinton Quits Google To Warn Of The Tech's Dangers
A Real woman
Vermont Man Charged with Stalking After Secretly Tracking Woman with Apple AirTag
Elon Musk Statements About Tesla Autopilot Could Be 'Deepfakes,' Lawyers Claim. Judge Evette Pennypacker Does Not Understand How Far and Advanced This Technology Became
Ukraine More Prepared for Counterattack as Reinforcements Arrive
UK Prime Minister Rishi Sunak and Italian Prime Minister Giorgia Meloni Discuss Migration, Defence, and Ukraine
AT&T's Successful Test of Satellite-Based Phone Call Raises Possibility of Widespread Coverage
CNN: "Joe Biden is asking for four more years — when 74% of Americans think the country is heading the wrong way“
Turkish President Recep Tayyip Erdogan Cuts Short Live TV Interview Due to Health Issue
US Congresswoman threaten Twitter Files journalist with arrest
Pulitzer Prize-winning journalist Seymour Hersh slams New York Times' pro-government stance and treatment of sources
Enough is enough: it's time to end the war in Ukraine. While Russia may be to blame for starting it, Russia is not the one refusing to stop it
Fox News Settles their case with Dominion Voting Systems for a staggering $787.5 MILLION
AG decries scapegoating and rushed lawmaking by government
The land of the free violence
21-year-old Massachusetts Air National Guard member Jack Teixeira has been arrested for leaking classified Pentagon Documents
The Supreme Court will allow a 12-year-old transgender West Virginia girl to compete on her middle school’s girls' sports teams amid a lawsuit over a ban
Bank of America cuts short conference after outrage at Ukraine comments
Revealed: royals took more than £1bn income from controversial estates
Mitt Romney calls Trump indictment 'overreach,' says charges were 'stretched' to suit a 'political agenda'
The G-7 aims to make global crypto regulations tougher
Don’t Dismiss China’s Peacemaking Bid
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
×