In vogue: Model and actress Cara Delevingne wearing Dior, part of LVMH
Fashion house LVMH celebrated a Christmas sales rise.
The bumper festive quarter helped the group cash in record sales and profits for 2023 but there were worrying signs that demand for luxury goods has wavered.
The French conglomerate, whose brands include Christian Dior, Celine and Louis Vuitton, said fourth-quarter sales were up 10 per cent.
That was up from 9 per cent growth in the third quarter but behind the 17 per cent growth of the first and second quarters.
For the whole of 2023, sales rose 13 per cent to £74billion and profits were up 8 per cent to £19.5billion.
The luxury industry has been hit by subdued demand from the US and China, dampening a post-pandemic boom.
LVMH head Bernard Arnault, was bullish, saying a partnership with the Paris 2024 Olympic and Paralympics was an ‘opportunity to reinforce our global leadership position in luxury goods and promote France’s reputation for excellence.’
Arnault, 74, is the world’s second richest man behind Elon Musk, with an estimated £146billion.