bitbet LVMH net profit drops 17% in 2024 to 12.55 billion euros

bitbet

Head of top luxury conglomerate LVMH Bernard Arnault (R) and Director of Finance Jean-Jacques Guiony (L) attend a presention of the group’s 2024 annual results in Paris, on January 28, 2025. LVMH, the world’s leading luxury goods group, announced on January 28, that net profit had fallen by 17% year-on-year to €12.55 billion and sales by 2% to €84.7 billion after a turbulent 2024. (Photo by Dimitar DILKOFF / AFP)

Paris, France — Luxury goods conglomerate LVMH, Europe’s largest company by market value, said Tuesday that its net profit fell 17 percent last year to 12.55 billion euros ($13 billion) as sales slipped two percent to 84.7 billion euros.

The company, best known for Louis Vuitton handbags, Dior fashion, Moet & Chandon champagne and Tiffany jewellery, blamed the slowdown partly on the end of the post-Covid boom.

Article continues after this advertisement

“We had three years of euphoria in 2021, 2022, and 2023, and a year of consolidation in 2024,” the group’s financial director Jean-Jacques Guiony told journalists. “You have to accept this year for what it is.”

FEATURED STORIES BUSINESS BIZ BUZZ: For Gokongwei airline, no Beijing flights for now BUSINESS Maharlika open to buying Chinese stake in NGCP BUSINESS 3 tycoons’ Batangas liquefied natural gas venture all set

READ: French luxury giant LVMH half-year net profit drops 14%

Guiony nonetheless pointed to “a slight improvement in the United States and Europe at the end of the year”.

Article continues after this advertisement

Sales in the fourth quarter were little changed at 23.9 billion euros.

Article continues after this advertisement

“In 2024, amid an uncertain environment, LVMH showed strong resilience,” chief executive Bernard Arnault said in a statement.

Article continues after this advertisement

“While remaining highly vigilant with regard to cost management and our single-minded focus on the desirability of our designs, we enter 2025 with confidence.”

Annual sales in the leather and fashion unit, which also includes Celine and Fendi, fell three percent to 41 billion euros.

Article continues after this advertisement

Retailing, which includes international cosmetics chain Sephora and Paris department store Bon Marche, grew two percent to 18.3 billion euros.

Revenue from watches and jewelry slipped three percent to 10.6 billion euros while wines and spirits dropped 11 percent to 5.9 billion euros.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Google was pleased by federal judge James Donato’s decision to “temporarily pause the implementation of dangerous remedies demanded by Epic,” a company spokesperson said, as an appeals court considers permanently blocking the order stemming from Epic’s argument that the tech titan’s Android Play store is an illegal monopoly.

WASHINGTON, United States — Boeing and its striking Seattle-area workers have reached a tentative deal to end a more than month-long stoppage, the union said Saturday.

The company will pay a dividend of 13 euros a share.bitbet

slot deposit 5rb READ NEXT LVMH net profit drops 17% in 2024 to 12.55 billion euros Starbucks profits fall but points to progress in turnaround EDITORS' PICK Increased police presence set at Marilaque Highway after viral crash Tulfo airs side on son’s busway use: An honest mistake, apology given Hontiveros flags grant of PH citizenship to Chinese trader Egg prices are soaring in US due to bird flu Escudero says no need to fear petition on 2025 budget report 2 anti-Sara rallies set for same day, but difference arises MOST READ Maslog camp to appeal Sandiganbayan guilty verdict Tulfo airs side on son’s busway use: An honest mistake, apology given 2 anti-Sara rallies set for same day, but difference arises Maharlika open to buying Chinese stake in NGCP Follow @FMangosingINQ on Twitter --> View comments