Friday, January 27, 2023

Luxury Living for a Few

 The world's biggest luxury group, LVMH,  said they experienced a second straight record year with revenue and profits despite geopolitical tensions and high cost of living.

Sales reached almost $25bn (£19.9), a 9% increase in the final three months of the year. LVMH brands include Tiffany's, Christian Dior, Sephora, Hennessey,  Moët and its designer label, Louis Vuitton.

 LVMH chief executive and the world's richest person, Bernard Arnault,  said he felt cautiously optimistic about "green shoots" in China. "Business is back, the Chinese are buying," he said.

Louis Vuitton revenue surpassed $21.7bn for the first time. 

All five of Mr Arnault's children hold management positions at brands in the group.

LVMH: Luxury giant's sales soar despite China losses - BBC News

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