High life: LVMH said sales and profits jumped by almost a quarter in 2022
The luxury giant behind Louis Vuitton enjoyed a record year despite war in Ukraine, lockdowns in China and the spiralling cost of living.
LVMH, which also owns Moet, Hennessy, Christian Dior and dozens of other brands, said sales and profits jumped by almost a quarter in 2022. Boss Bernard Arnault, the world’s richest man, said it showed an ability to ‘create desire’ despite economic and political turmoil.
And Hargreaves Lansdown analyst Sophie Lund-Yates said the French firm is the ‘jewel in luxury’s crown’. She said: ‘The ultra wealthy aren’t put off by economic ups and downs, and inflation is unlikely to dent their spending habits.’ She highlighted a rise in popularity of brands, adding: ‘Therein lies LVMH’s true strength.
‘Customers might be resilient but the likes of Louis Vuitton and Christian Dior have enjoyed genuine artistic superiority in recent quarters.’
Sales hit £69.5billion in 2022, while profit was £18.5billion, both up 23 per cent from a year earlier.
LVMH shares rose 1.2 per cent in Paris. Lund-Yates said the firm, which has seen its value more than triple in the past five years, ‘does not appear to be running out of momentum’.
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