In fashion: Model and actress Cara Delevingne wears Dior, part of LVMH
Fashion house LVMH celebrated an increase in Christmas turnover.
The bumper festive quarter helped the group cash in on record sales and profits for 2023, but there were worrying signs that demand for luxury goods was faltering.
The French conglomerate, whose brands include Christian Dior, Celine and Louis Vuitton, said sales rose 10 percent in the fourth quarter.
That was more than the 9 percent growth in the third quarter, but lower than the 17 percent growth in the first and second quarters.
For the whole of 2023, sales increased by 13 percent to £74 billion and profits by 8 percent to £19.5 billion.
The luxury industry has been hit by weak demand from the US and China, dampening a post-pandemic boom.
LVMH chief executive Bernard Arnault was optimistic, saying a partnership with the Paris 2024 Olympic and Paralympic Games was an “opportunity to strengthen our global leadership position in luxury goods and further France’s reputation for excellence.” ‘
Arnault, 74, is the second richest man in the world after Elon Musk, with an estimated wealth of £146 billion.