LVMH breaks €20 billion barrier
07/02/2011
Revenue increased by 20% in the fourth quarter with organic growth rising 13%. Profit from recurring operations increased by 29% to more than EUR 4.3 billion. The current operating margin improved by 1.6 percentage points to reach 21.3% in 2010 with all businesses contributing to this performance.
Chairman and chief executive, Bernard Arnault, said: “2010 was a great vintage for LVMH. The quality of our products, the originality of our brands and the talent of our teams bolstered by the economic recovery allowed us once again to gain market share throughout the world. In 2011, LVMH intends to further strengthen its global leadership position in high-quality products by relying on its sound long-term strategy.”
Fashion and leathergoods recorded revenue growth of 20% in 2010 and an increase of 29% in profit from recurring operations. The Louis Vuitton brand had a record year. The group statement said: “Louis Vuitton’s appeal to customers is constantly strengthened by its dynamic creativity, as seen in the success of its new leather products. The presence of the brand in Europe was further reinforced in 2010 with the opening of the new Maison in London. Louis Vuitton will soon open a new workshop in Marsaz in the Drôme region of France. Fendi also performed well in all of its product categories and continued to consolidate its distribution network. Donna Karan progressed in the US. Céline and Loewe had great success. The other fashion brands continued their expansion.”
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