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LVMH posted record annual sales on Thursday as well-heeled customers snapped up items ranging from Louis Vuitton and Dior, cementing the group’s rebound from the depths of the pandemic.

Revenue in 2021 totalled €64.2bn, the Paris-based company said, topping the previous record set in 2019, before Covid-19 lockdowns closed stores and kept shoppers stuck at home. Analysts had expected revenue of €62.2bn.

LVMH said fourth-quarter sales came in at €20.04bn overall, with growth led by the group’s blockbuster labels Louis Vuitton and Dior.

The performance of the luxury giant, led by billionaire Bernard Arnault, exemplifies the V-shaped recovery experienced by much of the industry as wealthy customers rushed back to boutiques. The pace of the rebound was underpinned by recovering economies and soaring asset prices.

As the dominant purveyor of luxury goods, LVMH benefited from its range of products, from $1,000 Louis Vuitton Tattoo sneaker boots to Tiffany engagement rings. Organic revenue in the fourth quarter for its fashion and leather goods, which includes Christian Dior, soared by 28%, surpassing analysts’ estimates for a 16% gain.

Selective Retailing, which includes Sephora and duty free unit DFS, as well as perfume and cosmetics, are the only two divisions that have yet to see sales match 2019 levels amid a subdued flow of Asian tourists to European capitals.

Bloomberg News. More stories like this are available on bloomberg.com


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