LVMH broke sales and profit records in 2022

the french group LVMHthe world leader in luxury, announced on Thursday that its sales and net profit reached new highs last year, thanks to strong demand in Europe and the United States.

Sales totaled 79,184 million euros (about 86,000 million dollars), and net profit 14,084 million euros during 2022.

Both figures represent a record for the group, which includes brands such as Bulgari, Givenchy, Louis Vuitton, Day, this year, Dior, Tiffany y Moët & Chandon.

“Europe, the United States and Japan rose strongly, thanks to strong demand from local clients and the recovery of international travel. Asia remained stable throughout the year, due to the evolution of the health situation in China,” he said LVMH in a statement.

“After a good start in January and despite geopolitical and economic uncertainty, LVMH is confident in its ability to maintain the growth observed in 2022,” added the group, which will pay its shareholders a dividend of 12 euros per share.

The sales of the group led by the tycoon Bernard Arnault they increased by 23% in 2022, which meant almost 15,000 million euros more than the previous year.

Net profit increased last year by 17% compared to 2021.

The fashion and leather goods division (Louis Vuitton, Dior, Celine, Fendi) continued to be the flagship of the house, with a 25% increase in sales, reaching 38,650 million euros.

An increasingly family business

LVMH, maker of handbags, jewelry, champagne, watches and other luxury products, is the European company with the highest stock value, after exceeding 400 billion euros ($430 billion) this month.

2022 was also the year in which Arnault, 73, became the first world fortune with his family, ahead of Elon Musk, the owner of Tesla, SpaceX y Twitteraccording to the Forbes classification.

Arnault has reshuffled the company’s leadership in recent months and appointed his sons to key positions to strengthen family control over LVMH, a group born in 1987 from the merger of luggage maker Louis Vuitton and the Moet wine and spirits group. Hennessy.

In December, his eldest son, Antoine Arnault, was appointed CEO of holding Christian Dior SE, which controls LVMH. This month, Bernard Arnault announced that his daughter, Delphine Arnault, will direct the Dior house, specializing in fashion and perfumes, starting February 1.

Outgoing Dior boss Pietro Beccari will take over the reins of Louis Vuitton, the brand famous for its bags marked with the initials “LV” and a world leader in luxury.

Another son of the magnate, Alexandre Arnault, serves as executive vice president of the jewelry firm Tiffanywhile his brother Frédéric heads the watch brand day, this year.

For his part, Jean Arnault is the director of watch development and marketing at Louis Vuitton.