LVMH Moët Hennessy Louis Vuitton, the world leader in luxury goods, reported revenues of €84,7 billion in 2024. Growth continued (+1% organically) despite a challenging economic and geopolitical context and a high comparison base after several years of exceptional growth post-Covid. Europe and the United States showed growth at constant scope and exchange rates; Japan posted double-digit revenue growth; the rest of Asia reflected strong growth in spending by Chinese customers in Europe and Japan.

In the fourth quarter, organic revenue growth was 1%, accelerating from the third quarter.

Recurring operating profit for 2024 amounted to €19,6 billion, with an operating margin of 23,1%, significantly exceeding pre-Covid levels. Exchange rate fluctuations had a material negative impact during the year, particularly on the Fashion & Leather Goods and Wines & Spirits sectors. The Group's share of net profit amounted to €12,6 billion. Free cash flow amounted to €10,5 billion, an increase of 29%.

Bernard Arnault, President and CEO of LVMH, commented: “In 2024, in an uncertain context, LVMH demonstrated strong resilience. This ability to resist in times of great turbulence – already demonstrated many times in the history of our Group – is further evidence of the strength and relevance of our strategy. The creativity and very high quality of our products, our commitment to excellence, the agility of our teams and the good geographical balance of our activities are the basis of the success of LVMH and its Maisons, supported by the dedication of all our employees. This dedication also contributed to one of the greatest collective successes of 2024: the partnership of LVMH and its Maisons with the Paris 2024 Olympic and Paralympic Games, which made the world’s leading sporting competition a resounding success, showcasing French excellence on a global level.”

Key sectors

Growth was driven by Europe e United States, with an exceptional performance of the Japan (+10%), also thanks to spending by Chinese customers. However, currency fluctuations weighed especially on the segments Fashion and leather goods e Wines and Spirits.

• Wines and Spirits: Revenue down 8% (organic) and recurring operating profit down 36%. Post-Covid normalization of demand for champagne and cognac continued.
• Fashion and leather goods: Resilience, with solid performances from Louis Vuitton, Christian Dior, Loro Piana and Loewe.
• Perfumes and Cosmetics: Organic growth of 4%, led by Dior, Guerlain and Givenchy.
• Watches and Jewelry: Decline in turnover (-2%) and profits (-28%) due to currency fluctuations and investments in stores. Bulgari and Tiffany have achieved important successes.
• Selective retail: Organic growth of 6%, driven by Sephora.

The share of net profit allocated to the French group reached 12,5 billion euros (-17%), with a free cash flow of 10,5 billion, up by 29%, and a net debt that improved by 14%, attesting to 9,22 billion. Overall, Europe e United States recorded growth at constant perimeter and currency, while the Japan posted double-digit revenue growth. The rest of theAsia showed a reflection of the strong growth in Chinese customer spending in Europe e Japan.