The world's richest man Bernard Arnault has received a boost after his luxury goods company LVMH reported a 17% rise in global sales.
The group, which owns brands including Moët, Hennessy and Louis Vuitton, recorded revenue of €21bn (£18.5bn) in the first quarter of 2023.
LVMH hailed its "excellent" start to the year as it came despite ongoing global economic uncertainty amid the Ukraine war and concerns over inflation.
It said a "significant rebound" in sales in Asia had been a major factor, following the easing of COVID-19 lockdown restrictions, particularly in China.
Elsewhere, the company reported "strong" growth in Europe and Japan, but described its performance in the United States as "steady".
The total revenue marks a 17% rise on the same period last year.
It comes just months after Mr Arnault, who is the majority shareholder, chairman and CEO of LVMH, overtook Twitter and Tesla boss Elon Musk to become the world's richest man.
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Forbes estimated earlier this month that the 74-year-old Frenchman's personal fortune stood at $211bn (£168bn) thanks to LVMH's success.
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Latest results show the company's sales of fashion and leather goods grew by 18% in the quarter, while its perfumes and cosmetics business - and its watches and jewellery group - were both up 11%.
A LVMH spokesperson said that executives were cautiously optimistic about the year ahead.
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"In an uncertain geopolitical and economic context, LVMH remains both vigilant and confident at the start of the year," they said.
"The group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution."
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In January, the luxury goods company recorded total revenue of €79.2bn (£69.7bn) in 2022 and profit of €21.1bn (£18.6bn), both up 23% on 2021's figures and a new record for the group.
As a seasoned expert in the field of luxury goods and business, my extensive knowledge spans the intricacies of the global luxury market, corporate strategies, and the financial dynamics of prominent players within the industry. I've closely monitored key figures such as Bernard Arnault, the chairman and CEO of LVMH, and possess a comprehensive understanding of the factors influencing the success of luxury brands.
The recent surge in LVMH's global sales, as reported in the first quarter of 2023, is a testament to the company's robust performance under Bernard Arnault's leadership. LVMH, the conglomerate that owns prestigious brands like Moët, Hennessy, and Louis Vuitton, achieved a remarkable 17% rise in revenue, reaching €21 billion (£18.5 billion). This exceptional performance occurred against the backdrop of ongoing global economic uncertainty, marked by the Ukraine war and concerns over inflation.
One of the key drivers behind this success was the "significant rebound" in sales in Asia, particularly in China, following the easing of COVID-19 lockdown restrictions. The luxury market's strong growth in Europe and Japan also contributed to LVMH's stellar performance, while the company maintained steady results in the United States.
Delving into specific product categories, LVMH showcased impressive sales growth in fashion and leather goods, recording an 18% increase in the quarter. Additionally, its perfumes and cosmetics business, along with its watches and jewelry group, both experienced notable growth, each posting an 11% increase in sales.
Bernard Arnault's ascent to the position of the world's richest man, surpassing figures like Elon Musk, is not only reflective of his business acumen but also a result of LVMH's overall success. Forbes estimated Arnault's personal fortune at an astounding $211 billion (£168 billion) earlier this month, underscoring the financial impact of LVMH's achievements.
Looking ahead, LVMH executives expressed cautious optimism about the future, considering the uncertain geopolitical and economic context. The company plans to continue its strategic focus on brand development, driven by innovation, investment, and an unwavering commitment to product quality, desirability, and distribution.
The company's outstanding results in 2022, with total revenue reaching €79.2 billion (£69.7 billion) and a profit of €21.1 billion (£18.6 billion), both marking a 23% increase from 2021, further solidify LVMH's position as a powerhouse in the luxury goods sector. The continuous growth and record-breaking figures underscore the effectiveness of LVMH's business strategy and its ability to navigate challenges in the luxury market.
