Sales of the world's largest luxury goods group, which owns brands including Louis Vuitton, Dior and Tiffany, reached nearly 24 billion euros ($26 billion) in the last three months of the year.
This was ahead of analysts' expectations of 9 percent growth.
The company achieved sales growth of 9% in the third quarter, and 17% in the first and second quarters.
“Our luxury products had the highest demand in the world,” LVMH CEO Bernard Arnault told analysts, citing luxury fashion products from brands such as Christian Dior, adding that the trend was set to continue.
Arnault said he was happy with LVMH's growth rate and expressed great confidence about 2024.
LVMH products include the Lady Dior small bag, which retails online for $11,500, and Dom Perignon champagne, which retails for $5,377.
Jean-Jacques Guionni, chief financial officer, said the group was able to manage its costs, which helped achieve profitability.
“The company's business activities are now returning to normal after an 'exceptional' post-Covid growth period… We will leave this period with positive growth levels,” Guioni said.
Business at Louis Vuitton from high-end Chinese clients in Europe has reached 70% of the level achieved in 2019, before the Covid-19 pandemic, Chief Financial Officer Jean-Jacques Guionni told reporters.
“We have significant growth with Chinese customers, which continues unabated,” Guioni told reporters.
LVMH experienced a post-pandemic boom that made it for a time the most valuable company in Europe, but then this boom lost momentum in the second half of the year due to rising inflation.
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