The world’s leading luxury goods group, LVMH, announced its 2024 financial results, revealing a modest 1% organic revenue growth, reaching EUR 84.7 billion. Despite a challenging global environment, the company managed to stabilize its performance, with fourth-quarter growth matching the annual rate. However, profit from recurring operations saw a significant decline, dropping 14% to EUR 19.6 billion compared to 2023.
LVMH’s regional sales showed mixed results. Japan emerged as a standout performer, with revenues surging 28% due to a stronger yen, contributing 9% to total revenues. The United States and Europe posted moderate growth at 3% and 2%, respectively, each accounting for 25% of total revenues. In contrast, Asia experienced an 11% decline, primarily driven by economic uncertainties in China, which represents 28% of the group’s revenues.
The Watches and Jewelry Business Group reported a 2% organic decline in sales, totaling EUR 10.5 billion. Despite the annual dip, the segment showed signs of recovery in the fourth quarter, with a 3% improvement. Profit from recurring operations in this category fell sharply by 28%, reflecting ongoing challenges in the luxury watch market.
2024 also saw notable leadership shifts within LVMH’s watch brands. Antoine Pin assumed the role of CEO at TAG Heuer, while Julien Tornare took over as the head of Hublot, replacing Ricardo Guadalupe. These changes are expected to bring fresh perspectives to the brands as they navigate a competitive and evolving market.
