DFS Masters of Wines & Spirits showcase at LAX.

LVMH Moët Hennessy Louis Vuitton recorded revenue of €84.7 billion in 2024, up 1% year-over-year on an organic basis.

The solid performance was achieved amid a challenging economic and geopolitical environment, as well as a high basis of comparison following several years of exceptional post-Covid growth.

The Group’s 2024 Annual Results, revealed earlier this evening, show that Selective Retailing business group revenue reached €18.262 million in 2024, compared to €17.885 in 2023.

This represents organic growth of 6% and reported growth of 2%, with profit from recurring operations remaining stable.

Selective Retailing was characterised by a ‘remarkable’ performance by Sephora, with double-digit growth in both revenue and profit, though DFS was described as being ‘still held back by prevailing international conditions’.

Source: LVMH 2024 Annual Results presentation, released 28 January 2025.

DFS business activity remained below its 2019 pre-Covid level and was described as being ‘hard hit in particular by exchange rate fluctuations’.

The travel retailer was said to achieve a solid performance in Japan and at US airports, but ‘lower at flagship destinations such as Hong Kong and Macao’.

Source: LVMH 2024 Annual Results presentation, released 28 January 2025.

The launch of its ‘seven-star’ luxury retail and entertainment destination, DFS Yalong Bay in Sanya is a key project in the pipeline, with the 128,000 sqm emporium being tipped to feature more than 1,000 luxury brands when it completes in 2026.

Its Galleria in Venice is scheduled to cease operations in 2025.

Source: LVMH 2024 Annual Results presentation, released 28 January 2025.

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.

Source: LVMH 2024 Annual Results presentation, released 28 January 2025.

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%.

Source: LVMH 2024 Annual Results presentation, released 28 January 2025.

In terms of the outlook, Arnault said that 2025 is “starting well”.

The Group’s statement reads that despite a geopolitical and macroeconomic environment that remains uncertain, it 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’.

Source: LVMH 2024 Annual Results presentation, released 28 January 2025.

As reported, respected DF&TR leader Ed Brennan took on the position of Interim Chairman and CEO of DFS, effective 1 November 2024, following the departure of Benjamin Vuchot.

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