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LVMH, the luxury conglomerate behind Louis Vuitton, Christian Dior and Tiffany & Co., reported a strong financial performance for full year 2024, with revenue reaching $88.3 billion (€84.7 billion), marking 1% growth year-over-year, beating Morgan Stanley analyst expectations of a 1.6% decline. Net profit for the group stood at $20.4 billion (€19.6 billion), underscoring the resilience of the world’s largest luxury group despite an increasingly challenging global economic environment.
The company’s Fashion and Leather Goods segment, its largest division, showed “good resilience,” buoyed by robust sales in Europe and the United States and double-digit growth in Japan. Sephora, part of LVMH’s Selective Retailing group, also delivered a “remarkable performance,” although other segments like Wines and Spirits continued to face normalization in demand.
While LVMH’s financial results highlight its market dominance, Chairman and CEO Bernard Arnault raised concerns about the future of its manufacturing base in France. Speaking on the company’s earnings call on January 28, Arnault criticized the high taxes levied on products made in France, describing them as “40%, in some cases.” He hinted that these tariffs could force LVMH to rethink its reliance on French production.
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