the insolent records of the luxury sector, despite a global slowdown

the insolent records of the luxury sector despite a global

Hermès, LVMH or Ferrari… it’s a good week for the luxury sector. At the start of 2024, major groups are showing insolent growth and incredible profits. The sector is doing well, despite an overall market slowdown and declining growth.

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Considered a barometer of the sector, the world number one inindustry luxury, the LVMH group, set the tone at the end of January 2024 with sales up 9% to more than 86 billion euros and a net profit exceeding fifteen billion euros.

For its part, the luxury car manufacturer Ferrari unveiled, Thursday February 8, the jump in its net profit of 34% in 2023, passing the billion euro mark in 2023. The prestigious brand has planned to launch fifteen new models over the period 2023-2026, including its first fully electric car.

A market that is polarizing

Other notable performances: that of the Italian group Zegna, which is close to two billion euros in sales, while the prestigious leather goods brand Hermès records a net profit up 28% to more than four billion euros and sales in increase of 16%, exceeding 13 billion euros.

However, the British Burberry and the French group Kering of François-Henri Pinault have had a gloomy year, in a market that is slowing down and becoming increasingly polarized. The groups showing the strongest growth target a wealthier clientele less subject to inflation, while consumers tended to reduce their purchases after the post-pandemic surge.

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