Arab Press

بالشعب و للشعب
Saturday, May 31, 2025

LVMH: Sales soar at luxury firm headed by world's richest man Bernard Arnault

LVMH: Sales soar at luxury firm headed by world's richest man Bernard Arnault

A 'significant rebound' in Asia following the easing of COVID-19 lockdown restrictions helped LVMH's revenue grow by 17% in the first quarter.
The world's richest man Bernard Arnault has received a boost after his luxury goods company LVMH reported a 17% rise in global sales.

The group, which owns brands including Moët, Hennessy and Louis Vuitton, recorded revenue of €21bn (£18.5bn) in the first quarter of 2023.

LVMH hailed its "excellent" start to the year as it came despite ongoing global economic uncertainty amid the Ukraine war and concerns over inflation.

It said a "significant rebound" in sales in Asia had been a major factor, following the easing of 1COVID1-19 lockdown restrictions, particularly in China.

Elsewhere, the company reported "strong" growth in Europe and Japan, but described its performance in the United States as "steady".

The total revenue marks a 17% rise on the same period last year.

It comes just months after Mr Arnault, who is the majority shareholder, chairman and CEO of LVMH, overtook Twitter and Tesla boss Elon Musk to become the world's richest man.

Forbes estimated earlier this month that the 74-year-old Frenchman's personal fortune stood at $211bn (£168bn) thanks to LVMH's success.

Latest results show the company's sales of fashion and leather goods grew by 18% in the quarter, while its perfumes and cosmetics business - and its watches and jewellery group - were both up 11%.

A LVMH spokesperson said that executives were cautiously optimistic about the year ahead.

"In an uncertain geopolitical and economic context, LVMH remains both vigilant and confident at the start of the year," they said.

"The group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution."

In January, the luxury goods company recorded total revenue of €79.2bn (£69.7bn) in 2022 and profit of €21.1bn (£18.6bn), both up 23% on 2021's figures and a new record for the group.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Netanyahu Accuses Starmer of Siding with Hamas
Calls Grow to Resume Syrian Asylum Claims in UK
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Denmark Increases Retirement Age to 70, Setting a European Precedent
Iranian Director Jafar Panahi Wins Palme d'Or at Cannes
Israeli Airstrike Kills Nine Children of Gaza Doctor
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
Mount Lewotobi Laki-Laki Erupts Again, Spewing Ash Cloud over Flores Island
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
Senate Democrats Move to Censure Trump Over Qatar Jet Gift
Hamas Releases Last Living US Hostage from Gaza Amid Ongoing Conflict
×