LVMH has released information on its fourth-quarter revenue for 2019 citing a strong rise, helping it end the year with higher revenue and earnings. Revenue at LVMH’s fashion and leather goods division grew 20% in 2019 to €22.2bn, leading to a 24% increase in profit to €7.3bn.
The fashion house did not disclose a breakdown of revenue by brand but reported “exceptional growth” at brands Louis Vuitton and Christian Dior.
Chief Executive of LVMH, Bernard Arnault said in a statement: “LVMH had another record year, both in terms of revenue and results.”
“In addition to the many successes of our Maisons, highlights of the year include the arrival of the exceptional hotel group Belmond, the partnership with Stella McCartney and the agreement with prestigious jewellery Maison, Tiffany & Co.”
“LVMH is driven by a permanent commitment to perfection and quality, and by a long-term vision combined with a sense of responsibility in all our corporate actions, notably in its commitment for the preservation of the environment, sustainability and inclusion.”
Earlier this month LVMH announced it is to launch a set of new delivery promises to customers with the aim of improving omnichannel shopping experience for customers.
In November 2019, LVMH acquired Tiffany & Co for £12.60 billion, marking the largest luxury brand takeover deal ever agreed.