French luxury conglomerate Moët Hennessy Louis Vuitton (LVMH) has faced the impact of challenging market conditions in fiscal year 2024. On Tuesday evening, the group announced declines in both revenue and profit, as anticipated.
Revenue Performance
LVMH reported a total revenue of €84.7 billion for the past year, marking a two percent decline compared to the record-breaking year of 2023. On an organic basis, adjusted for currency effects and portfolio changes, revenue showed a modest one percent increase. In the final quarter, the group also achieved organic revenue growth of one percent, surpassing market expectations.
Segment-Wise Breakdown
The Fashion and Leather Goods division, which houses brands such as Louis Vuitton, Christian Dior, Loewe, Givenchy, and Celine, recorded an annual revenue of €41.1 billion, down by three percent overall and one percent on an organic basis.
The Wines and Spirits segment saw a more significant decline, with revenue falling by eleven percent (−8 percent organically) to €5.9 billion. Similarly, the Watches and Jewelry segment experienced a three percent drop (−2 percent organically), reporting revenue of €10.6 billion.
In contrast, the Perfumes and Cosmetics division achieved growth, increasing revenue by two percent (−4 percent organically) to €8.4 billion. The Selective Retailing division, which includes DFS, Sephora, and Le Bon Marché, also reported a two percent revenue rise (−6 percent organically), reaching €18.3 billion.
Profit Decline
LVMH’s profit from recurring operations fell by 14 percent to €19.6 billion. Net profit attributable to shareholders declined by 17 percent, amounting to approximately €12.5 billion.
