2023: New record year for LVMH

. Revenue: €86.2 billion
. Profit from recurring operations: €22.8 billion
. Growth higher in the fourth quarter than in the third quarter
. Major economic and social impact in France and around the world

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LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury goods group, recorded revenue of €86.2 billion in 2023, equating to organic growth of 13% with respect to 2022. All business groups reported strong organic revenue growth, with the exception of Wines & Spirits, which was faced with a high basis of comparison and high inventory levels. Europe, Japan and the rest of Asia achieved double-digit organic growth. In the fourth quarter, organic revenue growth came to 10%.

Profit from recurring operations stood at €22.8 billion for 2023, up 8%. The current operating margin remained stable with respect to 2022. Group share of net profit amounted to €15.2 billion, up 8%.

Bernard Arnault, Chairman and CEO of LVMH, commented: “Our performance in 2023 illustrates the exceptional appeal of our Maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges. The Group once again recorded significant growth in revenue and profits. Our growth strategy, based on the complementary nature of our businesses, as well as their geographic diversity, encourages innovation, high-quality design and retail excellence, and adds a cultural and historical dimension thanks to the heritage of our Maisons. This was reflected in Louis Vuitton and Christian Dior’s spectacular fashion shows, Tiffany’s reopening of “The Landmark” in New York and the ever-growing popularity of Sephora’s store concept worldwide. 2023 also saw us make progress in several key areas that are essential components of our long-term vision: protecting the environment, developing our talent, and preserving and passing on our expertise. While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams. It promises to be an inspiring, exceptional year for us all, featuring our partnership with the Paris 2024 Olympic and Paralympic Games, whose core values of passion, inclusion and surpassing oneself are shared by our Group. For LVMH, it provides a new opportunity to reinforce our global leadership position in luxury goods and promote France’s reputation for excellence around the world.”

Highlights of 2023 include:

Another record year despite a disrupted environment

  • Strong organic revenue growth across all business groups except Wines & Spirits, and market share gains worldwide.
  • Double-digit organic revenue growth in Europe, Japan and the rest of Asia.
  • Negative currency impact in the second half of the year.
  • Growth in champagne driven by the value strategy and a transitional year for cognac after two years of strong growth.
  • Remarkable performance by the Fashion & Leather Goods business group, in particular Louis Vuitton, Christian Dior, Celine, Fendi, Loro Piana, Loewe and Marc Jacobs, which gained market share worldwide and achieved record levels of revenue and profits.
  • Particularly strong momentum in fragrances and makeup across all regions, and ongoing global success of Dior’s Sauvage, once again the world’s best-selling fragrance in 2023.
  • Robust growth in jewelry and powerful creative momentum for all the Watches & Jewelry Maisons, in particular Tiffany, Bulgari and TAG Heuer.
  • Exceptional performance by Sephora, which confirmed its position as world leader in beauty retail.

2023 targets met under the LIFE 360 environmental program

  • New circular services launched at most Group Maisons; research and innovation program focused on new materials; environmental training center (LIFE Academy).
  • Tangible progress made towards targets for 2026 and 2030: 3.1 million hectares of flora and fauna habitat protected as of year-end 2023 (target: 5 million hectares by 2030); 63% improvement (up 16 points) in the proportion of renewable and low-carbon energy used in the Group’s energy mix; 28% decrease in energy-related CO2 emissions with respect to 2019.
  • Launch of LIFE 360 Business Partners, a groundbreaking plan to assist suppliers and partners to accelerate the reduction of Scope 3 impacts, particularly in relation to raw materials and transport.

Major economic and social impact in France and around the world

  • More than 213,000 employees worldwide as of year-end 2023 (including nearly 40,000 employees in France).
  • France’s largest private-sector recruiter.
  • Preserving and passing on skills and expertise in more than 280 professions of excellence in design, craftsmanship and customer experience, with over 2,700 apprentices trained by LVMH’s IME (Institut des Métiers d’Excellence) program since its launch in 2014, more than 8,000 employees worldwide hired by LVMH in these professions in 2023, and more than 3,500 positions to be filled in these professions at the Group’s Maisons in France by year-end 2024.
  • Over €1 billion invested in France every year.
  • 118 production facilities and craft workshops in France, 26 in Italy.
  • More than €6 billion in corporate tax paid worldwide in 2023, around half of which in France.
  • Support for over 950 nonprofits and charitable foundations in 2023, with more than 65,000 Group employees taking part in a community involvement partnership.

Financial highlights

In millions of euros  2022  2023 Change
Revenue 79 184 86 153  +9%
Profit from recurring operations 21 055 22 802  +8%
Net profit, Group share 14 084 15 174  +8%
Operating free cash flow 10 113 8 104  -20%
Net financial debt 9 201 10 746  +17%
Total equity 56 604 62 701  +11%


Revenue by business group changed as follows:

In millions of euros 2022  2023 Change
Reported Organic*
Wines & Spirits 7 099 6 602  -7%  -4%
Fashion & Leather Goods 38 648 42 169  +9%  +14%
Perfumes & Cosmetics 7 722 8 271  +7%  +11%
Watches & Jewelry 10 581 10 902  +3%  +7%
Selective Retailing 14 852 17 885  +20%  +25%
Other activities and eliminations 282 324  –  –

* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope was nil; the impact of exchange rate fluctuations was -4%.

Profit from recurring operations by business group changed as follows:

In millions of euros  2022  2023 Change 2023/2022
Wines & Spirits 2 155 2 109  -2%
Fashion & Leather Goods 15 709 16 836  +7%
Perfumes & Cosmetics 660 713  +8%
Watches & Jewelry 2 017 2 162  +7%
Selective Retailing 788 1 391  +76%
Other activities and eliminations (274) (409)  –


Wines & Spirits: Contrasting trends across different markets following an exceptional year in 2022

The Wines & Spirits business group saw a revenue decline (-4% organic) in 2023, faced with a particularly high basis of comparison. Profit from recurring operations was down 2%. Driven by its value strategy, the champagne business posted growth, with a good performance in Europe and Japan offsetting the effects of an unfavorable macroeconomic environment in the United States. Hennessy cognac was affected by a mixed recovery in China and by the post-Covid normalization of demand in the United States, while efforts continued to maintain optimal inventory levels among retailers. In Provence rosé wines, LVMH acquired the prestigious Minuty estate, the second-largest market player after Château d’Esclans, which also continued its international development.

Fashion & Leather Goods: Exceptional performances by Louis Vuitton, Christian Dior, Celine, Loro Piana, Loewe, Rimowa and Marc Jacobs

The Fashion & Leather Goods business group achieved organic revenue growth of 14% in 2023. Profit from recurring operations was up 7%. Louis Vuitton had an excellent year, once again buoyed by the creativity and quality of its products, and by its strong ties to art and culture. Many new designs were unveiled, including the GO-14 leather goods line and the new Tambour watch, a fusion of Swiss watchmaking expertise and Louis Vuitton’s Parisian elegance. Nicolas Ghesquière, who celebrated his 10th anniversary designing the Maison’s Women’s collections and renewed his contract for a further five years, continued to captivate audiences with his boundless creativity. Set on the stage of the Pont-Neuf bridge in Paris in July, the first fashion show of the new Creative Director of Menswear Pharrell Williams sparked enthusiasm worldwide. Christian Dior continued to deliver remarkable growth in all its product lines. Giving center stage to excellent craftsmanship, fashion shows curated by Maria Grazia Chiuri and Kim Jones reinvented the magic of the Dior name, season after season. Victoire de Castellane’s creative verve was once again on full display in her new high jewelry collection, Les Jardins de la Couture. The year ended on a high note, with a spectacular Dior display at Saks Fifth Avenue in New York, whose facade was bedecked with a captivating “Carousel of Dreams” and 24 enchanting window displays. Celine continued to enhance its desirability, driven by the success of Hedi Slimane’s designs and fashion shows. Loewe’s robust growth continued to be driven by J.W. Anderson’s bold, creative leadership and by the success of the latest new leather goods designs. Loro Piana confirmed its superb momentum and its leadership position in ultra-premium, sophisticated luxury. Fendi expanded its retail network. Rimowa, Marc Jacobs and Berluti all turned in an excellent performance.

Perfumes & Cosmetics: Excellent momentum in fragrances and makeup

The Perfumes & Cosmetics business group posted organic revenue growth of 11% in 2023 thanks to its highly selective retail policy and dynamic innovation strategy, backed by the scientific excellence of LVMH’s research center. Profit from recurring operations was up 8%. Christian Dior achieved a remarkable performance, extending its lead in its key markets. Fragrances were once again buoyed by the success of iconic scents Sauvage, Miss Dior and J’adore, which was enriched with Francis Kurkdjian’s latest creation, L’Or de J’adore. Makeup (with Dior Addict) and skincare (with Prestige and L’Or de Vie) also contributed to the Maison’s growth. Guerlain continued to grow, driven by the popularity of its Aqua Allegoria line and its L’Art et la Matière high-end fragrance collection, as well as the excellent response to its Terracotta Le Teint makeup. Parfums Givenchy benefited from its fragrances’ ongoing success. Benefit was buoyed by its The Porefessional skincare line, while Fenty Beauty posted robust growth, driven in particular by one of its latest innovations in mascara.

Watches & Jewelry: Rapid growth in jewelry and further innovation in watches

The Watches & Jewelry business group recorded organic revenue growth of 7% in 2023. Profit from recurring operations was up 7%. Tiffany & Co. embarked on a new chapter in its history with the reopening of “The Landmark” in New York. Substantially raising the bar for jewelry retail worldwide, the spectacular transformation of this legendary flagship store was exceptionally well received. The new Lock collection, which continued to be rolled out worldwide, was a huge success, and Blue Book: Out of the Blue – the new high jewelry collection designed by Creative Director for Jewelry Nathalie Verdeille – was unveiled. Bulgari posted strong growth, driven by high jewelry, in particular the success of the Mediterranea collection. Its iconic Serpenti line, which celebrated its 75th anniversary, turned in a remarkable performance, both in jewelry and in women’s watches, taking home awards at the Geneva Watchmaking Grand Prix. Chaumet continued to channel its powerful creativity through a new high jewelry line and held its A Golden Age: 1965-1985 retrospective exhibition in the historic salons of its 12 place Vendôme location. Fred inaugurated its Fred: Jewelry Designer exhibition in South Korea, where it was a major success. In watchmaking, highlights of the year included TAG Heuer’s achievement of record-breaking revenue and its celebration of the 60th anniversary of its Carrera collection, along with Hublot’s appointment as the official timekeeper for the FIFA Women’s World Cup in Australia.

Selective Retailing: Exceptional performance by Sephora; DFS growth supported by the recovery in international travel

The Selective Retailing business group posted organic revenue growth of 25% in 2023. Profit from recurring operations was up 76%. Sephora achieved another historic year, both in terms of sales and profit, continuing to gain market share through its distinctive, innovative range of products and services. Momentum was particularly strong in North America, Europe and the Middle East. The expansion of its store network continued, with the highly successful opening of its first two stores in the United Kingdom and the thriving collaboration with Kohl’s in the United States. Another major event during the year was the reopening of its Champs-Élysées flagship store in Paris, whose renovation reflected Sephora’s sustainability strategy, aimed at reducing the energy consumption of its sales floor area by 50%. DFS benefited from the gradual recovery in international travel and, in particular, from the return of tourists to flagship destinations Hong Kong and Macao. The Maison announced its plans to open a new Galleria on the island of Hainan in China by 2026. Le Bon Marché, which is growing steadily, continued to develop innovative concepts and benefit from a loyal French customer base as well as the return of international travelers.

Confidence for 2024

While the geopolitical and macroeconomic environment remains uncertain, LVMH is confident in its ability to continue to grow in 2024, in the highly distinctive quality and creativity that its products offer its customers, as well as in the professionalism of its management, to stand out and gain market share. LVMH will pursue its brand development-focused strategy, underpinned by continued innovation and investment as well as an extremely exacting quest for desirability and quality in its products and their highly selective distribution.

Driven by the agility of its teams, their entrepreneurial spirit and its well-diversified presence across the geographic areas in which its customers are located, LVMH therefore enters 2024 with confidence and once again sets an objective of reinforcing its global leadership position in luxury goods.

Dividend for 2023

At the Shareholders’ Meeting on April 18, 2024, LVMH will propose a dividend of €13 per share. An interim dividend of €5.50 per share was paid on December 6, 2023. The final dividend of €7.50 per share will be paid on April 25, 2024.

The Board of Directors met on January 25 to approve the financial statements for fiscal year 2023. Audit procedures have been carried out and the audit report is being issued.
Regulated information related to this press release, the presentation of annual results and the “Financial Documents” report are available at www.lvmh.com.

Details from the webcast on the publication of 2023 annual results are available at www.lvmh.com.



The condensed consolidated financial statements for 2023 are included in the PDF version of the press release.

LVMH – Revenue by business group and by quarter

 Revenue for 2023 (in millions of euros)

Full-Year 2023 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities & eliminations Total
First quarter 1 694 10 728 2 115 2 589 3 961 (52) 21 035
Second quarter 1 486 10 434 1 913 2 839 4 394 140 21 206
Third quarter 1 509 9 750 1 993 2 524 4 076 113 19 964
Fourth quarter 1 912 11 257 2 250 2 951 5 454 124 23 948

Revenue for 2023 (organic change versus same period in 

Full-Year 2023 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities & eliminations Total
First quarter +3% +18% +10% +11% +28% +17%
Second quarter -8% +21% +16% +14% +25% +17%
Third quarter -14% +9% +9% +3% +26% +9%
Fourth quarter  +4%  +9%  +10%  +3%  +21%  +10%

Revenue for 2022 (in millions of euros)

Full-Year 2022 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Retailing Other activities & eliminations Total
First quarter 1 638 9 123 1 905 2 338 3 040 (41) 18 003
Second quarter 1 689 9 013 1 714 2 570 3 591 149 18 726
Third quarter 1 899 9 687 1 959 2 666 3 465 79 19 755
Fourth quarter 1 873 10 825 2 145 3 006  4 757 93 22 699

Alternative performance measures

For the purposes of its financial communications, in addition to the accounting aggregates defined by IAS/IFRS, LVMH uses alternative performance measures established in accordance with AMF position DOC-2015-12.

The table below lists these performance measures and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS, in the published documents.

Measures Reference to published documents
Operating free cash flow FD (condensed consolidated financial statements, consolidated cash flow statement)
Net financial debt FD (notes 1.22 and 19 of the appendix to the consolidated financial statements)
Gearing FD (part 7, Comments on the Consolidated Balance Sheet)
Organic Growth FD (part 1, Comments on the Consolidated Income Statement)

FD: Financial documents as at December 31, 2023