14 Oct 2022
LVMH has announced its financial results for the first three quarters of the 2022 financial year, with revenue growth of 28%.
Sales were up by 28% in the year so far to €56.5 billion, while organic revenue growth, excluding acquisitions, was 20%. For the third quarter alone, organic revenue growth was 19%.
The company noted in its statement: “Europe, the United States and Japan, up sharply since the start of the year, benefitted from the solid demand of local customers and the recovery in international travel. Asia (including China) saw a lower level of growth over the first nine months of 2022, though growth in the latest quarter accelerated there due to the partial easing of health restrictions.”
The Fashion & Leather Goods business group achieved revenue growth of 31% (24% organic) in the first nine months of the year, with exceptional performance from the Louis Vuitton brand, LVMH highlighted.
Meanwhile, the Watches & Jewellery business group recorded revenue growth of 23% (16% organic) and Selective Retailing grew by 30% (20% organic).
Looking forward to the full year results, the group is confident despite global uncertainty. LVMH noted that: “The Group’s strategy will remain focused on continuously strengthening the desirability of its brands, by relying on the authenticity and quality of its products, the excellence of their distribution and the reactivity of its organisation.”