Handbags top wine
LVMH exports more than France’s agriculture
April 19, 2024, 11:01 a.m
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The luxury goods industry is enormously important for France. This is evident in LVMH: its boss is the richest person on the planet – and the company has a larger share of exports than the country’s entire agricultural economy.
The luxury goods group LVMH accounts for a larger share of French exports than the agricultural sector. This is reported by the Financial Times, citing a study carried out by the consulting firm Asterès on behalf of the company. According to this, LVMH sold products abroad worth 23.5 billion euros last year.
This means that LVMH alone accounted for 4 percent of French exports. France’s agricultural sector, with its world-famous cheese and popular wine, had a share of 3.2 percent. LVMH owns the brands Louis Vuitton, Moet Hennessy, Christian Dior and Bulgari, among others. The USA accounted for a quarter of sales in the last quarter and Asia accounted for almost 40 percent.
The export figures are somewhat distorted because LVMH also owns wine and champagne brands. In addition, the company produces not only in France, but also in Italy. Nevertheless, the figures underline how important the luxury goods industry is for France – with companies such as LVMH, Chanel, Kering and Hermès.
Bernard Arnault, the boss and main shareholder of LVMH, is the world’s richest person, according to Bloomberg. The financial news agency puts his fortune at $218 billion.