For its full year of sales across all divisions in 2024, French multinational LVMH recorded a total revenue of €84.7bn, which it said was up by 1% on the previous year (on an organic basis) despite the “challenging economic and geopolitical environment.”
The firm said that Europe and the US posted growth and Japan saw double-digit revenue growth.
However, the luxury firm also noted that profit from recurring operations was down -14%,” which Chairman and CEO Bernard Arnault explained was mainly due to the large amount of spend on sponsoring the Olympic Games and its support for the renovation of Notre-Dame cathedral in Paris.
Perfumes & Cosmetics sales in 2024
LVMH’s Perfumes & Cosmetics business group saw organic revenue growth of 4% in 2024, which it said was “thanks to the ongoing success of its flagship lines, powerful innovative momentum and a selective distribution policy.”
For the fourth quarter of the year, the division saw sales reach €2.3m – up by 2% on the previous year.
The profit from recurring operations was also down for the divison, by -6% (for the same reasons as above). Sephora, for example, was heavily involved in promoting the Olympic Games in Paris.
In 2024, Parfums Christian Dior was a standout brand within the beauty division. Its men’s Sauvage fragrance continued to gain solid growth, and LVMH stated that it’s “the world’s bestselling fragrance.”
The house had also introduced a new Miss Dior Parfum edition that “was a major success” and its colour cosmetics products also saw good results – in particular the Forever foundation line.
LVMH noted that its Guerlain and Parfums Givenchy brands both saw success in the fragrance category in 2024 too.
Within LVMH’s Selective Retailing business group, Sephora saw double-digit growth in both revenue and profit and “continued to gain market share” across multiple markets.
In a financial results call, Arnault shared that when the firm had bought Sephora in 1998, it was amassing around €100m of revenue, and now “revenues stand at more than ten times that,” he said. “
Speaking of the overall results for LVMH in 2024, Arnault, said it had been an “uncertain” and “turbulent” time for industry, but added that: “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.”
He concluded that the Group will continue with its focus on creativity and “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.”