MC: LVMH Concludes 2023 on a High Note

(PAR:MC) LVMH Presents Q4 FY23 Results

LVMH Moët Hennessy

Weighting as of writing: 3%

1st February 2024 - FY23 Results

On January 25th, LVMH published results for FY23. I was keenly awaiting these results, given the relatively poor showing of Burberry earlier in the month. The two are not direct comparables but bathe in the same waters from time to time. Results for LVMH were mixed but generally positive factoring in what a tumultuous year it has been for luxury. Conglomerates like LVMH have the luxury of a fortified defence; constructed of more than 70 unique brands in contrast to Burberry, an iso-label.

The “slowdown in luxury demand” referenced by Burberry CEO, Dan Akeroyd, was less abrasive at LVMH. While growth decelerated in H2 comps remained positive and mostly in line with historic rates. In the United States, a particularly soft market for luxury at the moment, comps improved significantly and accelerated from Q3 into Q4. “The fourth quarter delivered higher growth than the third” remarked LVMH CEO, Bernard Arnault. I…