LVMH and Hermès improve margins in 2023 despite slower growth rates

In a context of return to normal consumer demand after post-Covid-19 euphoria, particularly in Europe and Asia, LVMH recorded a total turnover of €86.15 billion in 2023 up by 9%. Growth was more than halved from 2022, when revenue jumped by 23%. Operating income grew in similar proportions than revenue (by +8%) and reached, like last year, 26.5% of turnover. LVMH’s net margin increased by 8% to reach €15.2 billion last year, at 17.6% of turnover. This is a fall of -0.4 percentage point...