LVMH Posts Record 2023 Sales and Profits; Luxury Shares Surge on Growth Despite Slowdown
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LVMH reported record sales and profits for 2023, with revenue reaching €86.2 billion. Shares surged over 8% on the news.
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Sales grew across all business segments except wines & spirits. Net income rose 8% to €15.2 billion.
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The results lifted shares across luxury brands like Hermès, Kering, Dior, and Prada amid an industry slowdown.
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Growth slowed in the second half of 2023, but CEO Bernard Arnault remains confident entering 2024, citing potential boosts from interest rate cuts and U.S. elections.
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Arnault nominated his two sons to LVMH's board and the company plans to hike its dividend, as the CEO sits behind only Bezos and Musk in wealth.