Vuitton top
The world’s largest luxury company, LVMH, has had reasons to pop the Champagne after its annual results almost every single year for the past 2 decades — and 2023 was no exception.
The company, home to 75 luxury brands (or houses, as LVMH calls them), reported sales that were up 9% on last year, as its €42.2bn Fashion & Leather Goods division powered the titan to a record total operating profit of €22.8bn from its recurring operations. Another bright spot was the company’s Watches & Jewelry division, aided by a revitalized Tiffany & Co. Indeed, the iconic blue box seller is a new jewel in LVMH’s well-adorned crown, after its ~$16bn acquisition in 2021.
Since that deal, LVMH has been running its usual playbook: it installed its own top brass to run the company, acquired a French jewelry manufacturer to aid Tiffany’s production, invested millions in marketing featuring Jay-Z, collaborated with Nike, and even completely shut down Tiffany’s flagship store in New York for renovations, spending a rumored $500m on a complete fit out.
Secured the bag
The report, released late last week, sent LVMH shares soaring, leaving the stock up more than ~15% over the last 5 days. It also means that Bernard Arnault is, once again, the world’s richest individual, unseating Elon Musk.
