Think France, think croissants, fine wine, and the Eiffel Tower. But that association now seems like a relic of past decades, as France is now all about LVMH! Not hard to believe, considering the company’s products sold abroad totaled $25 billion last year, boasting a bigger share of French exports than the agricultural sector reports the FT. This also explains why Bernard Arnault, owner of Moët Hennessy Louis Vuitton, is the world’s richest man with a net worth of $215 billion. Sales of handbags and perfumes made by the luxury conglomerate constituted 4% of France’s exports in 2023, while the country’s agricultural sector was responsible for 3.2%.
With world-renowned brands like Louis Vuitton, Bulgari, Dior, Fendi, Givenchy, Guerlain, Kenzo, Marc Jacobs, Tiffany & Co, Moët & Chandon, Veuve Clicquot, Krug, Dom Pérignon, and many more under its umbrella, the gargantuan conglomerate is indeed ruling the roost. “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,” LVMH chairman and CEO Bernard Arnault said in a statement earlier this year. He later added, “We achieved pretty sustained growth in Europe, in Japan, and the rest of Asia last year, but a bit less strong in the US due to the economic situation, which is in the process of reversing now.”
Interestingly, France accounts for less than a tenth of global sales, with Asia inching towards 40% and the U.S. for 25%. LVMH seems geared to continue to contribute to the nation’s economy and has added two more of the Bernard offspring, Frédéric and Alexandre, to the board on Thursday.