. Revenue: €84.7 billion

. Profit from recurring operations: €19.6 billion

. Free cash flow: €10.5 billion

. Acceleration in the fourth quarter, driven by Asia, the United States and Europe

. Major economic and social impact in France and around the world

Paris, January 28, 2025

LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury goods group, recorded revenue of €84.7 billion in 2024. Growth continued (+1% on an organic basis) despite a challenging economic and geopolitical environment, as well as a high basis of comparison following several years of exceptional post-Covid growth. Europe and the United States posted growth on a constant consolidation scope and currency basis; Japan saw double-digit revenue growth; the rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan.

In the fourth quarter, organic revenue growth came to 1%, accelerating with respect to the third quarter.

Profit from recurring operations for 2024 came to €19.6 billion, equating to an operating margin of 23.1%, significantly exceeding pre-Covid levels. Exchange rate fluctuations had a substantial negative impact during the year, particularly on Fashion & Leather Goods and Wines & Spirits. The Group share of net profit amounted to €12.6 billion. Free cash flow came to €10.5 billion, up 29%.

Bernard Arnault, Chairman and CEO of LVMH, commented: “In 2024, amid an uncertain environment, LVMH showed strong resilience. This capacity to weather the storm in highly turbulent times – already illustrated on many occasions throughout our Group’s history – is yet another testament to the strength and relevance of our strategy. The creativity and very high quality of our products, our steadfast commitment to excellence, the agility of our teams and the good geographic balance of our locations underpin the success of LVMH and its Maisons, backed by the dedication of all our people. This dedication was also behind one of the Group’s finest collective achievements of 2024: LVMH and its Maisons’ partnership with the Paris 2024 Olympic and Paralympic Games, which helped make the world’s foremost sports competition a resounding success and showcased French expertise and craftsmanship on the global stage. As part of our ongoing commitment to design, culture and heritage, we were also glad to witness the reopening of Notre-Dame Cathedral in Paris at the end of the year, even more beautiful following its restoration, which took place with support from donors including LVMH. We also recently celebrated the 10th anniversary of the highly successful Fondation Louis Vuitton, which has drawn 11 million visitors since it opened and maintained its mission of making cultural events accessible to the widest possible audience. While remaining highly vigilant with regard to cost management and our single-minded focus on the desirability of our designs, we enter 2025 with confidence. Guided by our mission – ‘Passionate about creativity’ – and our core values, the Group will rely on the agility and talent of its teams to set the stage for future success and further extend its leadership in the luxury market.”

Highlights of 2024 included the following:

Good resilience in a disrupted global environment

- Continued organic revenue growth.

- Growth in revenue in Europe and the United States; exceptional growth in Japan nevertheless related to a weak currency.

- Substantial negative impact on profit arising from exchange rate fluctuations, particularly on Fashion & Leather Goods and Wines & Spirits.

- 29% increase in operating free cash flow, which came to more than €10 billion.

- Performance of Wines & Spirits reflecting the ongoing normalization of demand that began in 2023.

- Solidity of Fashion & Leather Goods driven by the powerful appeal of its products, with its operating margin remaining at an exceptional level.

- Strong momentum in fragrances, driven in particular by the success of Dior’s Sauvage, which remained the world’s best-selling fragrance.

- Numerous innovations at all the Watches and Jewelry Maisons, and continued investments in communications and in the evolution of our stores.

- Remarkable performance by Sephora, which consolidated its position as world leader in beauty retail.

New progress made under our LIFE 360 environmental program

- Acceleration in the Group’s circular design policy: 31% of materials used to make the Maisons’ products and their packaging now sourced through recycling processes.

- Two years ahead of schedule, target met for reducing absolute energy-related GHG emissions (Scopes 1 and 2): 55% reduction in 2024 with respect to 2019 (Target for 2026: 50% reduction).

- Water withdrawal for production sites and workshops: 10% reduction with respect to 2023 (Target for 2030:
30% reduction).

- As part of the Group’s biodiversity protection plan, flora and fauna habitat regenerated or restored increased to 3.8 million hectares by year-end 2024 (Target for 2030: 5 million hectares). 

Major economic and social impact in France and around the world

- More than 215,000 employees worldwide as of year-end 2024 (including nearly 40,000 employees in France). 

- France’s largest private-sector recruiter. 

- Preserving and passing on skills and expertise in more than 280 professions in design, craftsmanship and customer experience, with over 3,300 apprentices trained by LVMH’s IME (Institut des Métiers d’Excellence) program since its launch in 2014.

- Support for over 910 nonprofits and charitable foundations in 2024, with around 65,000 Group employees taking part in a community involvement partnership, serving more than 1,900,000 people.

- Operating investments of €5.5 billion in 2024, mainly dedicated to the expansion of the store network and the development of production facilities, including €1.7 billion in France.

- 119 production facilities and craft workshops in France. 

- €6 billion in corporate tax paid worldwide in 2024, around half of which in France.

Financial highlights

Revenue by business group changed as follows:

* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope with respect to 2023 was -1% and the impact of exchange rate fluctuations was -2%.

Profit from recurring operations by business group changed as follows:

Wines & Spirits: Ongoing normalization of demand that began in 2023

Revenue for Wines & Spirits was down 8% (organic). Profit from recurring operations was down 36%, notably due to exchange rate fluctuations. After three exceptional years, the post-Covid normalization of demand for champagne and cognac, which began in 2023, continued amid a certain slowdown in consumption and a more challenging market environment in China. LVMH’s champagne houses maintained their market share of more than 22% of all Champagne-appellation shipments. Revenue for Hennessy cognac was held back by weaker local demand. In Provence rosé wines, Château d’Esclans stepped up its international expansion. The joint venture with Beyoncé Knowles-Carter gave rise to a new American whisky, SirDavis. A partnership with French Bloom, the market leader in premium alcohol-free sparkling wine, was also announced.

Fashion & Leather Goods: Good resilience

The Fashion & Leather Goods business group, which was broadly stable in terms of organic growth in 2024, showed solid resilience. Profit from recurring operations was down 10%, mainly affected by exchange rate fluctuations. Louis Vuitton and Christian Dior both enjoyed high visibility over the summer with the Paris 2024 Olympic and Paralympic Games. Louis Vuitton was once again driven by its remarkable capacity for innovation in the world of travel: bespoke trunks, handcrafted in its historic Asnières workshops, held the world’s most prestigious sports trophies, such as those of the Louis Vuitton 37th America’s Cup in Barcelona, as well as the torches and medals of the Paris 2024 Olympic and Paralympic Games. The Maison’s new flagship store in New York was a major success, offering an immersive experience in the world of Louis Vuitton. Christian Dior maintained its creative momentum, fusing heritage and modernity. The L’Or de Dior exhibition at the Guardian Art Center in Beijing honored the Maison’s strong ties with China through the prism of art. New My Dior designs inspired by Dior’s iconic cannage stitching celebrated and reinterpreted traditional jewelry-making craftsmanship. Dior celebrated the end-of-year holiday season with spectacular façades and enchanting window displays around the world, in particular at its 30 Montaigne store in Paris and at the new Dior Gold House in Bangkok. Loro Piana, which celebrated one hundred years of history and exceptional craftsmanship in 2024, delivered a remarkable performance and decorated all the window displays at Harrods at the end of the year. Loewe was buoyed by growing brand awareness and the bold creativity of its collections. Rimowa confirmed its excellent momentum. The Group welcomed two new creative directors: Michael Rider at Celine and Sarah Burton at Givenchy.

Perfumes & Cosmetics: Solid momentum in fragrances; selective distribution strategy maintained

The Perfumes & Cosmetics business group achieved organic revenue growth of 4% in 2024 thanks to the ongoing success of its flagship lines, powerful innovative momentum and a selective distribution policy. Profit from recurring operations was down 6%. Christian Dior delivered a very robust performance. Sauvage continued to achieve solid growth, consolidating its position as the world’s leading fragrance, while Rihanna became the new face of iconic women’s perfume J’adore. The new Miss Dior Parfum edition was a major success. Makeup – in particular the Forever foundation line – also contributed to the Maison’s good results. Guerlain saw positive momentum in fragrances, driven in particular by its L’Art & La Matière premium fragrance collection and the addition of its new Florabloom scent to the Aqua Allegoria line. Parfums Givenchy achieved further growth, driven by fragrances and its Prisme Libre powder. Maison Francis Kurkdjian opened a new showcase store on Rue François 1^er in Paris, while Fenty Beauty began its development in China and launched a new range of haircare products.

Watches & Jewelry: Further innovation in jewelry and watches

Revenue for Watches & Jewelry decreased by 2% on an organic basis in 2024. Profit from recurring operations was down 28%, partly due to ongoing investments in store renovations and communications, as well as exchange rate fluctuations. Tiffany & Co. showcased its iconic lines through its global “With Love, Since 1837” campaign. The new Tiffany Titan by Pharrell Williams collection was exceptionally well received, while a ring version of the Bone cuff was unveiled to mark the 50th anniversary of designs by Elsa Peretti. The new store concept continued to be rolled out with great success; The Landmark – the Maison’s flagship store on New York’s Fifth Avenue, and the first to be renovated – achieved record-breaking revenue in 2024 and became the world’s premier luxury store. Tiffany has seen revenue from high jewelry quadruple since the Maison’s acquisition, and operating profit double. Bulgari celebrated its 140th anniversary with the new “Eternally Reborn” campaign and the launch of the Aeterna high jewelry collection, which achieved record-breaking revenue. The Maison also unveiled the new Tubogas jewelry collection, a contemporary take on its iconic 1950s line. Chaumet enjoyed high visibility thanks to its design of the medals for the Paris 2024 Olympic and Paralympic Games. A 10-year global partnership between LVMH and Formula 1 was announced, and in 2025, TAG Heuer will return as the Official Timekeeper of Formula 1 for all its circuits worldwide.

Selective Retailing: Remarkable performance by Sephora; DFS still held back by prevailing international conditions

The Selective Retailing business group posted organic revenue growth of 6% in 2024. Profit from recurring operations remained stable. Sephora delivered a remarkable performance, with double-digit growth in both revenue and profit. Reaffirming its position as the world’s leading fragrance and cosmetics retailer, the Maison continued to gain market share. Its retail network continued to grow, most notably in the United Kingdom and the United States, in particular through a collaboration with Kohl’s. DFS, which saw business activity remain below its 2019 pre-Covid level, was hard hit in particular by exchange rate fluctuations. Le Bon Marché continued to develop, achieving record levels of revenue, driven by the department store’s differentiation strategy, with its continuously renewed selection of products and services and unique slate of events.

Confidence for 2025

Despite a geopolitical and macroeconomic environment that remains uncertain, the Group remains confident and will pursue its brand development-focused strategy, underpinned by continued innovation and investment as well as an extremely exacting quest for desirability and quality in its products and their highly selective distribution.

Driven by the agility of its teams, their entrepreneurial spirit and its well-diversified presence across the geographic areas in which its customers are located, LVMH once again sets an objective of reinforcing its global leadership position in luxury goods in 2025.

Dividend for 2024

At the Shareholders’ Meeting on April 17, 2025, LVMH will propose a dividend of €13 per share. An interim dividend of €5.50 per share was paid on December 4, 2024. The balance of €7.50 per share will be paid on April 28, 2025.

The Board of Directors met on January 28 to approve the financial statements for fiscal year 2024. Audit procedures have been carried out and the audit report is being issued.

Regulated information related to this press release, the presentation of annual results and the “Financial Documents” report are available at www.lvmh.com.

Details from the webcast on the publication of 2024 full-year results are available at www.lvmh.com.

APPENDIX

The condensed consolidated financial statements for 2024 are included in the PDF version of the press release.

Revenue by business group and by quarter

Revenue for 2024 (in millions of euros)

Revenue for 2024 (organic change versus same period in 2023)

Revenue for 2023 (in millions of euros)

Alternative performance measures 

For the purposes of its financial communications, in addition to the accounting aggregates defined by IAS/IFRS, LVMH uses alternative performance measures established in accordance with AMF position DOC-2015-12.

The table below lists these performance measures and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS in the published documents.

FD: Financial Documents as of December 31, 2024