New record year for LVMH in 2022

. Revenue 79 billion euros
. Profit from recurring operations 21 billion euros
. Both up 23%
. A strong social and economic footprint in France

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LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury goods group, recorded revenue of €79.2 billion in 2022 and profit from recurring operations of €21.1 billion, both up 23%.

All business groups achieved significant organic revenue growth over the year (see table on page 3). Fashion & Leather Goods notably reached record levels, with organic revenue growth of 20%. Profit from recurring operations stood at €21.1 billion for 2022, up 23%. Operating margin remained at the same level as 2021. Group share of net profit was €14.1 billion, up 17% compared to 2021. Operating free cash flow surpassed €10 billion.

Europe, the United States and Japan rose sharply, benefiting from strong demand from local customers and the recovery of international travel. Asia was stable over the year due to developments in the health situation in China.

Bernard Arnault, Chairman and CEO of LVMH, said: “Our performance in 2022 illustrates the exceptional appeal of our Maisons and their ability to create desire during a year affected by economic and geopolitical challenges. The Group once again recorded significant growth in revenue and earnings. Our growth strategy, based on the complementary nature of our activities, as well as their geographic diversity, encourages innovation and the quality of our creations, the excellence of their distribution, and adds a cultural and historical dimension thanks to the heritage of our Maisons. This was showcased during our hugely successful LVMH Journées Particulières, when we opened our doors to all in fifteen countries in 2022 and saw a record number of visitors come to learn about the know-how of our artisans. We approach 2023 with confidence but remain vigilant due to current uncertainties. We count on the desirability of our Maisons and the agility of our teams to further strengthen our lead in the global luxury market and support France’s prestige throughout the world.”

Highlights of 2022 include:

  • A record year despite the geopolitical and economic situation,
  • Significant revenue growth for all business groups and market share gains worldwide,
  • Strong growth in business in Europe, Japan and the United States,
  • Good growth in Champagne and Cognac, based on a value creation strategy,
  • A remarkable performance by the Fashion & Leather Goods business group, notably Louis Vuitton, Christian Dior, Celine, Fendi, Loro Piana, Loewe and Marc Jacobs, which are gaining market share globally and reaching record levels of revenue and earnings,
  • Louis Vuitton revenue surpassed 20 billion euros, for the first time,
  • Strong growth in perfumes. The continued global success of Dior’s Sauvage, once again world leader in 2022,
  • Sustained creative momentum for all our Watches & Jewelry Maisons, in particular Tiffany, Bulgari and TAG Heuer,
  • A remarkable rebound for Sephora, which confirmed its place as world leader in the distribution of beauty products,
  • Operating investments of nearly €5 billion, mainly dedicated to the expansion of the store network, the development of production facilities and employment,
  • Operating free cash flow of more than €10 billion.

LVMH, a strong social economic footprint in France and around the world:

  • 39,000 young people recruited worldwide in 2022.
  • In France, LVMH recruited more than 15,000 people in 2022, which makes the Group the leading private recruiter in the country.
  • In 2022, LVMH invested nearly 215 million euros in training its employees.
  • In France, one job created directly by LVMH generates four for the French economy. That is equivalent to around 160,000 people working indirectly for the Group.
  • More than 500 stores and 110 manufacturing facilities and workshops located across France.
  • LVMH opens several manufacturing facilities each year in France, notably for Louis Vuitton.
  • Five billion in corporation taxes paid worldwide, almost half of which in France.
  • More than one billion euros invested in France each year.
  • On average over recent years, the total fiscal footprint (corporation tax + VAT + social charges) of LVMH in France is more than 4.5 billion euros per year.
  • The salaries of the group’s employees are among the most competitive in their sector of activity.
  • Most of our employees in France benefit from profit-sharing, with an overall total for the group of 400 million euros in 2022.
  • LVMH has been recognized for its leadership in terms of transparency and performance in matters concerning the protection of the climate, forests and water by the CDP (Carbon Disclosure Project), a global not-for-profit environmental organization and is now one of 12 companies in the world to have obtained a triple “A” rating out of more than 15,000 rated companies.

Key figures

Euro millions  2021  2022 Change
Revenue 64 215  79 184  + 23 %
Profit from recurring operations 17 151  21 055  + 23 %
Group share of net profit 12 036  14 084  + 17 %
Operating free cash flow 13 531  10 113  – 25%
Net financial debt 9 607  9 201  – 4 %
Total equity 48 909  56 604  + 16 %

by business group:

Euro millions 2021  2022 Change
Reported Organic*
Wines & Spirits 5 974  7 099  + 19 %  + 11 %
Fashion & Leather Goods 30 896  38 648  + 25 %  + 20 %
Perfumes & Cosmetics 6 608  7 722  + 17 %  + 10 %
Watches & Jewelry 8 964  10 581  + 18 %  + 12 %
Selective Retailing 11 754  14 852  + 26 %  + 17 %
Other activities and eliminations 19  282  –  –

* with comparable structure and constant exchange rates. The structural impact for the Group was zero and the currency effect was +6 %.

Profit from recurring operations by business group:

Euro millions  2021  2022 Change 2022/2021
Wines & Spirits 1 863  2 155  + 16 %
Fashion & Leather Goods 12 842  15 709  + 22 %
Perfumes & Cosmetics 684  660  – 3 %
Watches & Jewelry 1 679  2 017  + 20%
Selective Retailing 534  788  + 48 %
Other activities and eliminations (451)  (274)  –


Wines & Spirits: record level of revenue and earnings

The Wines & Spirits business group recorded revenue growth of 19% in 2022 (11% on an organic basis). Profit from recurring operations was up 16%. Champagne volumes were up 6%, driven by sustained demand leading to growing pressure on supplies. Momentum was particularly strong in Europe, Japan and in emerging markets, particularly in “high energy” channels and gastronomy. Hennessy cognac benefited from its value creation strategy. The dynamic policy of price increases offset the effects of the health situation in China, while the United States was affected at the start of the year by logistical disruptions. Still wines, in particular the Château d’Esclans rosé, achieved an excellent performance. Moët Hennessy strengthened its global portfolio of exceptional wines with the acquisition of the Joseph Phelps vineyard, one of the most renowned wine properties in Napa Valley, California.

Fashion & Leather Goods: exceptional performances by Louis Vuitton, Christian Dior, Celine, Fendi, Loro Piana, Loewe and Marc Jacobs

The Fashion & Leather Goods business group recorded revenue growth of 25% in 2022 (20% on an organic basis). Profit from recurring operations was up 22%. Louis Vuitton had an excellent year, again driven by its exceptional creativity, the quality of its products and its strong ties with art and culture. The women’s ready-to-wear fashion shows created by Nicolas Ghesquière were extremely well-received. Many new products were unveiled in leather goods, jewelry and watches. Meanwhile, the new “LV Dream” exhibition in Paris pays tribute to 160 years of creative exchanges that fuel Louis Vuitton’s spirit of innovation, and a new collaboration with Japanese artist Yayoi Kusama was unveiled, revisiting iconic creations of the Maison. Christian Dior continued its remarkable growth trajectory across all its product lines. After three years of renovations, the Maison’s historic store at 30 avenue Montaigne, which reopened in Paris in early 2022, enjoyed huge success, offering a new experience of the highest refinement. Its fashion shows continued to offer exceptional moments, whether in Seville, Spain, for the women’s collections of Maria Grazia Chiuri, or in Egypt at the foot of the Giza pyramids for the men’s show imagined by Kim Jones. Celine experienced very strong growth thanks to the success of Hedi Slimane’s creations and his extremely modern and precise vision, as did Loewe, driven by the strong creativity of J.W. Anderson. Fendi celebrated the 25th anniversary of its iconic Baguette bag in New York. Loro Piana, Rimowa and Marc Jacobs also had an excellent year.

Perfumes & Cosmetics: strong momentum in perfume and continued selective distribution

The Perfumes & Cosmetics business group recorded revenue growth of 17% in 2022 (10% on an organic basis). Profit from recurring operations was slightly down as a result of a very selective policy of distribution to assert itself in the prestige universe. Christian Dior enjoyed a remarkable performance, strengthening its lead. Sauvage confirmed its position as the world’s leading perfume, while the iconic women’s fragrances Miss Dior and J’adore, enriched with its latest creation Parfum d’Eau, continued to grow. Dior Addict in make-up and Prestige in skincare also contributed to the rapid growth of the Maison. Guerlain sustained its growth, driven notably by the vitality of its Abeille Royale skincare, its Aqua Allegoria collection and its exceptional perfumes L’Art et la Matière. Parfums Givenchy benefited from the continued success of its fragrances. Fenty Beauty doubled its revenue thanks to the expansion of its distribution network and the success of its launches.

Watches & Jewelry: rapid growth in jewelry and watches

The Watches & Jewelry business group recorded revenue growth of 18% in 2022 (12% on an organic basis). Profit from recurring operations was up 20%. Tiffany & Co. had a record year, driven by its increasing desirability. While its High Jewelry revenue doubled, the new Lock bracelet collection, rolled out in North America, enjoyed great success alongside other iconic lines. The “Vision & Virtuosity” exhibition at the Saatchi Gallery in London showcased 185 years of creativity and know-how of the Maison over the summer. Bvlgari confirmed its strong momentum, particularly in Europe, Japan and the United States. The iconic Serpenti line and the High Jewelry and High Watchmaking collections were the main growth drivers. The Octo Finissimo Ultra watch broke a new record of thinness. Chaumet had a good year and celebrated nature with its “Végétal” exhibition in Paris. Fred showed strong growth and launched its first retrospective exhibition at the Palais de Tokyo in Paris. In the watchmaking sector, TAG Heuer unveiled, among other innovations, the Carrera Plasma, an avant-garde fusion of watchmaking and lab grown diamonds. As official timekeeper, Hublot enjoyed strong visibility during the 2022 Football World Cup. Zenith continued to expand its in-store and online distribution.

Selective Retailing: excellent performance by Sephora; DFS impacted by the health situation in China

Selective Retailing revenue was up 26% in 2022 (17% on an organic basis). Profit from recurring operations was up 48%. With a strong rebound in activity in its stores, Sephora enjoyed a record performance in both revenue and earnings. Momentum was particularly strong in North America, Europe, the Middle East and in most Southeast Asian countries. Further investments were made into Sephora’s omnichannel strategy in order to continuously improve its customers’ purchasing experience both online and in-store. The network continued to expand notably due to the partnership with Kohl’s in the United States. Sephora’s Russian business was divested. DFS was still affected by the health situation in China. The flagship destinations of Hong Kong and Macau particularly suffered as a result of the suspension of domestic travel and the complete absence of tourists but just reopened in January. Le Bon Marché, which is growing strongly, continued to develop innovative concepts and benefit from the return of loyal French customers and international travellers.

Confidence in 2023

With the month of January having started well and despite an uncertain geopolitical and economic environment, LVMH is confident in its ability to continue the growth observed in 2022. The Group will pursue its brand development focused strategy, underpinned by continued innovation and investment as well as a constant quest for desirability and quality in its products and their distribution.

Driven by the agility of its teams, their entrepreneurial spirit and its well diversified presence across businesses and geographic areas in which its customers are located, LVMH enters 2023 with confidence and once again, sets an objective of reinforcing its global leadership position in luxury goods.

Dividend 2022

At the General Meeting of April 20, 2023, LVMH will propose a dividend of 12 euros per share. An interim dividend of 5 euros per share was paid on December 5 of last year. The balance of 7 euros will be paid on April 27, 2023.

The Board of Directors met on January 26th to approve the financial statements for 2022. Audit procedures have been carried out and the audit report is being issued.
The regulated information related to this press release as well as the presentation of the annual results and the “Financial documents” report are available on the website

Details of the webcast relating to the publication of the 2022 annual results are available at:



Condensed consolidated accounts for 2022 are included in the PDF version of the press release.

LVMH – Revenue by business group and by quarter

 2022 Revenue (Euro millions)

Year 2022 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Distribution Other activities & eliminations Total
First quarter  1 638  9 123  1 905  2 338  3 040  (41)  18 003
Second quarter  1 689  9 013  1 714  2 570  3 591  149  18 726
Third quarter 1 899 9 687 1 959 2 666 3 465 79 19 755
Fourth quarter  1 873  10 825  2 145  3 006  4 757  93  22 699

2022 Revenue (Organic change verses the same period of 

Year 2022 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Distribution Other activities & eliminations Total
First quarter  + 2 %  + 30 %  + 17 %  + 19 %  + 24 %  + 23 %
Second quarter  + 30 %  + 19 %  + 8 %  + 13 %  + 20 %  + 19 %
Third quarter  + 14 %  + 22 %  + 10 %  + 16 %  + 15 %  + 19 %
Fourth quarter  + 4 %  + 10 %  + 5 %  + 3 %  + 12 %  + 9 %

2021 Revenue (Euro millions)

Year 2021 Wines & Spirits Fashion & Leather Goods Perfumes & Cosmetics Watches & Jewelry Selective Distribution Other activities & eliminations Total
First quarter 1 510 6 738 1 550 1 883 2 337 (59) 13 959
Second quarter 1 195 7 125 1 475 2 140 2 748 23 14 706
Third quarter 1 546 7 452 1 642 2 137 2 710 25 15 512
Fourth quarter 1 723 9 581 1 941 2 804 3 959 30 20 038

Alternative performance measures

For the purposes of its financial communication, in addition to the accounting aggregates defined by the IAS/IFRS standards, LVMH uses alternative performance measures established in accordance with AMF’s position DOC-2015-12.

The table below lists these measures and the reference to their definition and their reconciliation with the aggregates defined by the IAS/IFRS in the published documents.

Measures Reference to published documents
Operating free cash flow FD (condensed consolidated financial statements, consolidated cash flow statement)
Net financial debt FD (notes 1.23 and 19 of the appendix to the consolidated financial statements)
Gearing FD (part 7, Comments on the Consolidated Balance Sheet)
Organic Growth FD (part 1, Comments on the Consolidated Income Statement)

FD: Financial documents as at December 31, 2022