In this edition of the Glossy+ Research Briefing, we analyze the current state of the global luxury market as LVMH CEO Bernard Arnalut presents the luxury group’s annual earnings.
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Following Covid, many luxury brands experienced steady growth by increasing access
Breaking news: All eyes are on LVMH today as Bernard Arnault presents the luxury goods conglomerate’s annual earnings. As head of the world’s largest luxury group, Arnault’s presentation will provide an important read into the current direction of the luxury market. During the Covid pandemic, the luxury industry experienced steady growth as lockdown savers spent on top-end goods. But a slowdown in consumer spending brought on by high interest rates and inflation cooled growth in 2023. Shares in big luxury groups have decreased since last spring. However, Cartier owner Richemont reported its highest ever quarterly earnings after a spending upswing in China — a glimmer of hope for the global luxury market.
Research findings: Since the 2020 Covid pandemic, LVMH has reported steady growth in annual revenue and net profit. With a slowdown in consumer spending in 2023, the group is expected to report milder growth today. Glossy+ Research’s 2022 annual reports on fashion brand and beauty brand distribution found that luxury fashion and beauty brands have moved toward finding more accessible distribution points beyond owned channels and high-end department stores.
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