From NBC Universal:

LVMH shares surged over 8% after the luxury group reported 13% organic growth in sales for 2023, totaling 86.15 billion euros. Fashion and leather goods saw a 14% growth, while wines and spirits slumped 4%. Despite global economic challenges, CEO Bernard Arnault remains confident in the high appeal of their brands.

The luxury sector, previously thriving during the pandemic, faced a slowdown due to geopolitical and economic issues impacting consumer spending. LVMH’s positive results reassured investors, with luxury stocks broadly rising after the announcement.

Contrary to LVMH’s success, British luxury brand Burberry issued a profit warning, reflecting a wider slowdown in high-end spending. Despite disappointing numbers from other companies, LVMH’s strong performance has given investors hope for the luxury sector’s future.



Read more: LVMH shares jump 8% as earnings point to luxury sector resilience