Luxury goods maker LVMH increased its net income to a record su

Last year, global luxury goods leader LVMH (Louis Vuitton Moet Hennessy) posted an 8% increase in net income to a record 15.2 billion euros. In 2022, revenues will reach 14.1 billion euros. This was stated in a press release from LVMH on Friday, January 26.

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All of the group’s businesses reported strong organic revenue growth, except for the wines and spirits segment.

“In Europe, Japan and other Asian countries, income growth rates are double-digit,” the report said.

LVMH’s fashion and leather goods revenue rose 9% to €42.17 billion.

Revenue from chain retail stores rose 20% to €17.9 billion. Sales of watches and jewelry increased by 3% to reach 10.9 billion euros. Revenue in the perfumes and cosmetics segment increased by 7% to 8.3 billion euros.

At the same time, the company’s sales of alcoholic beverages fell by 7%, amounting to 6.6 billion euros.

On January 26, LVMH founder and head Bernard Arnault again became the richest man in the world according to Forbes with a net worth of $206.6 billion, surpassing Elon Musk with a net worth of $204.2 billion. It comes after Tesla shares fell more than 12%.

Let’s remember that Russian oligarchs, under pressure from international sanctions, withdrew tens of billions of assets from Europe after Russia’s full-scale invasion of Ukraine.