After his luxury goods company LVMH reported a 17% increase in global sales, Bernard Arnault, the world’s wealthiest man, has seen a boost.
The group, which includes brands such as Moet, Hennessy, and Louis Vuitton recorded revenue of EUR21bn (PS18.5bn in the first quarter 2023).
LVMH praised its “excellent” start in the year, despite continuing global economic uncertainty due to the Ukraine War and concerns about inflation.
After the lifting of COVID-19 lockdown restraints, especially in China , it said that there had been a “significant rebound in sales” in Asia.
The company also reported strong growth in Japan and Europe, but described its performance here in the United States to be “steady”.
The total revenue grew by 17% over the same period last years.
This comes months after Mr Arnault became the majority shareholder, chairman, and CEO of LVMH. He also overtook Twitter boss Elon Musk to become world’s wealthiest man.
Forbes reported earlier this month that Forbes had estimated that the 74 year-old Frenchman’s personal wealth was $211bn (PS168bn), thanks to LVMH success.
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The company’s fashion and leather goods sales grew by 18% during the quarter. However, its perfumes and cosmetics business and watches and jewellery group – – both grew 11%.
A spokesperson for LVMH stated that the company’s executives are cautiously optimistic about next year.
They stated that LVMH was “vigilant and confident in the beginning of the year, despite the uncertain economic and geopolitical contexts.”
“The group will continue to focus on its strategy focused upon the development of its brands driven by a sustained program of innovation and investments as well as a constant search for quality in their products, their desirability, and their distribution.”
The luxury goods company posted total revenue of EUR79.2bn in January (2022) and profit of EUR21.1bn (2022), up 23% from 2021 and setting a new record.
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