The Fashion & Leather Goods business group had reported growth of 9% to €42.17 billion and made up almost half of total revenue. Meanwhile, Watches & Jewellery was up by 3% to €10.9 billion and Selective Retailing increased by 20% to €17.89 billion.

Profit from recurring operations for the full year totalled €22.8 billion and was up by 8% over 2022. The result for Fashion & Leather Goods was up by 7% to €16.84 billion, while Watches & Jewellery was up by 7% to €2.16 billion and Selective Retailing increased by 76% to €1.39 billion.

The second half of the year was notably stronger for LVMH, which ended 2023 with a total of 213,000 employees worldwide. Thanks to its 2023 growth, the group expects to continue growing in the 2024 financial year.

Chairman and CEO Bernard Arnault said: “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 revenue and profits. Our growth strategy, based on the complementary nature of our businesses, as well as their geographic diversity, encourages innovation, high-quality design and retail excellence, and adds a cultural and historical dimension thanks to the heritage of our Maisons.”