- LVMH Moët Hennessy Louis Vuitton SE posted the highest revenue and profit in their history, due to the increased demand for luxury goods which may continue this year following COVID-19 restrictions being eased in China.
- For 2022, LVMH reported total revenue of $86.07 billion, an increase of 17% compared to the prior year on an organic basis. Net profit saw a similar 17% rise, reaching 14.08 billion euros. The company increased its annual dividend to €12 per share, up from €10 per share.
- Although LVMH does not usually give out details on the financial performance of its individual brands, it stated that Louis Vuitton's income for the past year was more than €20 billion, making it the most significant luxury brand in the world, according to analysts.
Why it matters
Since the pandemic, the demand for the many products that LVMH offers such as high-end wines, jewelry, fashion and hotel services has solidified the company's status as the most valuable publicly traded business in Europe. This has enabled its CEO, Bernard Arnault, who is also the majority shareholder, to surpass Elon Musk as the wealthiest individual in the world.