Monochrome Watches
An online magazine dedicated to fine watches
Industry News

LVMH Reports Record Revenues for 2023, Lower Growth for Watches & Jewelry

Revenues up 3% for the Watches and Jewelry Business Group

| By Xavier Markl | 1 min read |

As was expected, LVMH, the world’s largest luxury goods company, has announced record revenues for 2023. At EUR 86.2 billion, revenues are up 9% while the organic growth was +13%. The progression of revenues was higher in the fourth quarter than in the third quarter with organic growth of 10% versus 9%, despite some uncertainties in the global economy, showing the resilience of the luxury market. The 2023 profits from recurring operations stood at €22.8 billion, up 8%.

The growth was mostly driven by Japan (+28%) and Asia excl. Japan (+18%). The performance was robust in Europe (+13%) while growth was lower for the USA (+4%).

LVMH 2023 Revenues

Ad – Scroll to continue with article

Looking at the revenues by activity, all business groups of the French powerhouse operated by the Arnault family reported growth except the Wine and Spirits division (-7%). The growth was led by Selective Retailing (+20%) and by the strong performance of the Fashion & Leather Goods group (accounting for nearly half of LVMH’s sales, including its leading brand Louis Vuitton) with revenues up 9%.

For what is our main concern at MONOCHROME, the Watches & Jewelry business group reported sales up 3% at EUR 10.9 billion, thus slightly under the overall performance of the group. The organic growth is reported at +7%. Earlier this month, LVMH reshuffled the management of its watch business. Frédéric Arnault was appointed CEO of LVMH Watches (overseeing the TAG Heuer, Hublot and Zenith brands), Julien Tornare subsequently took over as CEO of TAG Heuer while a former Richemont executive, Benoit de Clerck, was recruited to run Zenith.

As a comparison, Richemont reported sales of EUR 15.8 billion, up 8% at constant exchange rates and 4% at actual exchange rates over the nine-month period ending December 2023. For Swatch Group, 2023 sales were up 12.6% at constant exchange rates, or 5.2% at current rates to CHF 7.9 billion.

For more information, please visit

1 response

  1. Well, at least the USA looks like it’s finally coming to its senses! It’s about time! LVMH lives by the principle that there’s a sucker born every minute!

Leave a Reply