However, operating free cash flow decreased by 20 percent, going from 10,113 million euros in 2022 to 8,104 million euros in 2023. The company's net financial debt increased by 17 percent, reaching 10,746 million euros in 2023, compared to 10,746 million euros in 2023. 9,201 million in 2022. Total assets showed an upward trend, with an increase of 11 percent from 56,604 million euros in 2022 to 62,701 million euros in 2023, said the company in its financial statement.
LVMH Moët Hennessy Louis Vuitton reported revenue of €86.2 billion in 2023, organic growth of 13 percent compared to 2022. Profit from recurring operations increased by 8 percent to €22.802 billion, and net profit increased by 8 percent to 15,174 million euros. The fashion and leather goods segment saw revenue increase by 9 percent to €42,169 million in 2023.
The fashion and leather goods segment's reported revenue increased 9 percent to €42,169 million in 2023, while its organic revenue growth is estimated at 14 percent. The profit from recurring operations of this segment increased by 7 percent to 16,836 million euros.
Europe, Japan and other Asian regions recorded double-digit organic growth, which contributed significantly to the group's success.
The fourth quarter of 2023 alone saw organic revenue growth of 10 percent. Profit from recurring operations amounted to €22.8 billion, an increase of 8 percent over the previous year. In addition, the group's share of net profit also increased by 8 percent, reaching €15.2 billion.
Bernard Arnault, Chairman and CEO of LVMH, commented: “Our performance in 2023 illustrates the exceptional appeal of our Maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges. The Group once again recorded significant growth in revenues and profits.
“In 2023 we also make progress in several key areas that are essential components of our long-term vision: protecting the environment, developing our talent, and preserving and passing on our expertise. While we remain vigilant in the current context, we enter 2024 with confidence, supported by our highly desirable brands and our agile teams.”
While the geopolitical and macroeconomic environment remains uncertain, LVMH is confident in its ability to continue growing 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 win market share. LVMH will continue its strategy focused on brand development, supported by continuous innovation and investment, as well as an extremely demanding pursuit of the desirability and quality of its products and their highly selective distribution, the statement added.
Fiber2Fashion News Desk (KD)
