LVMH sees cautious recovery in China and the US

LVMH, the luxury group behind brands such as Louis Vuitton, Dior, and Tiffany, ended the year with a slight decline in revenue and a 13% drop in net profit. Thanks to a better fourth quarter, CEO Bernard Arnault is optimistic about the medium term.

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LVMH’s annual revenue amounted to €80.8 billion, a decline of 1% at constant exchange rates. Operating profit fell by 9% to €17.8 billion, while net profit fell by 13% to €11 billion. The fashion, leather goods, and beverages divisions in particular saw a sharp decline in profits.