virgil abloh, hedi slimane and kim jones are shaking up the luxury market
LVMH's record breaking sales figures show that the newly transformed luxury landscape is thriving.
“School Teens” -- shot by Raimond Wouda
The past few years have been all-change for LVMH, with Hedi Slimane shaking things up at Celine (no accent on the e, please), 2017’s acquisition of Christian Dior Couture and Virgil Abloh’s much-hyped debut for Louis Vuitton practically breaking the internet. It turns out that that sea of change is not only exciting but profitable too, as the conglomerate announced record-breaking sales for the 2018 period.
Announced yesterday, LVMH -- whose other major brands include Dior, Fendi and Givenchy -- reported a net profit growth of 18 percent and recorded revenue of a massive £41 billion, smashing their increase of 10 percent the year previous. Given that 2017 was also a record-breaking year of sales for LVMH, yesterday’s figures are especially impressive, proving that the luxury market is still alive and well.
Unsurprisingly, LVMH have put the responsibility for much of their growth on Virgil’s Louis Vuitton, where profitability “remains at an exceptional level”. The organisation also praised Hedi’s new-era Celine. “His first runway show in October was a global success,” they said in a statement yesterday.
"The desirability of our brands, the creativity and quality of our products, the unique experience offered to our customers and the talent and the commitment of our teams are the group's strengths and have once again made the difference," said Chairman and CEO Bernard Arnault. "In an environment that remains uncertain, we can count on the appeal of our brands and the agility of our teams to strengthen, once again in 2019, our leadership in the universe of high quality products."