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Even during Christmas time, LVMH sales were flat
Here are the results of the group during the most profitable quarter of the year
January 29th, 2025
The results of LVMH for the last quarter of 2024 are clear: the luxury sector has not yet recovered. Not even during the holiday season was the luxury giant able to regain market dominance, with revenue similar to the previous year, amounting to around 23.9 billion euros. Even though the third quarter reported a 3% loss and the last quarter showed 1% growth, sales of LVMH’s maisons have not yet fully rebounded, considering that during the same period, competitor Richemont (which owns jewelry brands such as Cartier and Van Cleef & Arpels) reported a 10% increase in sales. LVMH, which owns numerous brands including Louis Vuitton, Dior, Bvlgari, and Tiffany & Co., has recently sold its stake in Stella McCartney back to the founder, who has decided to become independent again. Whether this decision was driven by political reasons (the designer may not have agreed with the group’s decision to align with the U.S. government under Trump) or economic reasons (LVMH may want to divest from "smaller" brands to focus on more profitable ones) remains to be seen.
The products that contributed to LVMH’s slight recovery were handbags and clothing, which saw a surge in consumer interest during the holiday season. The brands that drove the growth were Louis Vuitton and Bvlgari, whose sales in the last quarter of 2024 nearly matched those of 2023. Although revenue growth was only 1%, LVMH still exceeded expectations from analysts who had predicted an overall decline of 1.6%. Even in the group's Fashion division, results exceeded forecasts: while a 3.3% loss had been expected, the division achieved revenue of $11.1 billion, reflecting only a 1% decline.
LVMH representatives remain optimistic, but the Fashion division accounts for nearly half of the group's total assets and three-quarters of total revenue. «While remaining highly vigilant with regard to cost management and our single-minded focus on the desirability of our designs,» stated LVMH Chairman Bernard Arnault, «we enter 2025 with confidence.» Interesting details emerge from the group’s other divisions: Wines & Spirits reported an 8% loss, confirming trends such as the champagne crisis and the decline in alcohol consumption among younger generations; Watches & Jewelry grew by 3%, and Perfumes & Cosmetics by 2%. Overall, in 2024, LVMH’s total sales amounted to 84.7 billion euros, marking a 1.7% decline compared to 2023.