Including Wines & Spirits, all of the French luxury group's divisions reported growing sales and profits, with sales of €86.2 billion, up 13% at constant currencies, being reported.
Revenue from sales of watches and jewelry increased by 7%. Bulgari and Tiffany are much larger than TAG Heuer, Hublot, and Zenith, which are specialists in watchmaking.
As the year came to an end, LVMH's watch maisons saw a number of notable changes to their executive teams.
After being named CEO of TAG Heuer in 2020, Frédéric Arnault was named CEO of a newly established division of LVMH Watches, which included Zenith, Hublot, and TAG Heuer. Seeing how this division does without the giants of the jewelry industry in the group will be interesting to watch.
He answers to LVMH Watches & Jewelry Division CEO Stephane Bianchi, who also manages the powerful Bulgari brand.
TAG Heuer is currently led by Julien Tornare, the former CEO of Zenith from 2017.
LVMH expressed a cautious sense of optimism for the coming year.
With a statement accompanying its 2023 results, the company states, "LVMH is confident in its ability to continue to grow in 2024, in the highly distinctive quality and creativity that its products offer its customers, as well as in the professionalism of its management, to stand out and gain market share, even though the geopolitical and macroeconomic environment remains uncertain."
On the news, LVMH shares increased by 5%. The positive outlook for 2024 and its performance have also increased trust in other luxury businesses, as evidenced by the 2.5% increase in Swatch Group's share price today.
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