Financial Performance Overview (2020–2024)

The infographics below summarise the core financial performance metrics for Kering Group, Compagnie Financière Richemont S.A., and LVMH Moët Hennessy - Louis Vuitton (Fashion & Leather Goods only) between 2020 and 2024, showing revenue, operating income, and their respective annual growth rates.

Revenue Trend

LVMH Moët Hennessy - Louis Vuitton demonstrated the strongest revenue expansion, Compagnie Financière Richemont S.A. showed steady upward growth, and Kering Group experienced a reversal after peaking mid-period.

Operating Income Trend

Profitability trajectories mirrored revenue trends: LVMH Moët Hennessy - Louis Vuitton retained a strong lead, Compagnie Financière Richemont S.A. showed improvement with occasional volatility, and Kering Group declined sharply in the final year.

While all three companies posted significant rebounds post-pandemic, their performance trajectories diverged by 2023 and 2024.

LVMH Moët Hennessy - Louis Vuitton outperformed in both revenue and operating income across all years, reflecting the strength and consistency of its Fashion & Leather Goods segment. From €21,2 billion in 2020, LVMH's revenues from its Fashion & Leather Goods segment rose to €41,1 billion in 2024—a nearly 94% increase. Its operating income followed a similarly impressive path, more than doubling from €7,2 billion in 2020 to €15.8 billion in 2024.

Compagnie Financière Richemont S.A.'s revenue, which dipped slightly in 2021, accelerated from €13,1 billion in 2021 to €20,6 billion in 2024, driven largely by its high-performing Jewellery Maisons. Despite a minor 5% operating income decline in 2024, Richemont sustained one of the strongest profit trajectories over the period, especially in 2022 with a 154% YoY increase.

Kering Group, by contrast, experienced volatility. While its revenue peaked in 2022 at €20,4 billion, it declined to €17,2 billion in 2024—a drop of nearly 16% over two years. Operating income followed a similar pattern, falling steeply in 2024 to €2.6 billion, the lowest among the three. This underperformance reflects strategic difficulties with Gucci and overall challenges in repositioning.

These variations underscore LVMH's dominant industry position, Richemont's focused strength in hard luxury, and Kering's vulnerability amid brand concentration.

Regional Performance (FY2024)

While all three companies performed strongly across major markets in 2024, their geographic dynamics varied considerably. LVMH Moët Hennessy - Louis Vuitton dominated the Asia-Pacific and Europe regions, supported by high-performing flagship stores and strong cultural affinity for Dior and Louis Vuitton. Compagnie Financière Richemont S.A.’s concentration in jewellery helped drive double-digit growth in Japan and steady performance in the US. Kering Group’s exposure to China, particularly through Gucci, resulted in weaker momentum, although Western Europe remained its stronghold.

While all three groups maintained a significant presence across key global markets, their performance by region reveals the nuances of each company’s strategic orientation and structural strengths.

LVMH Moët Hennessy - Louis Vuitton led in Asia-Pacific and Europe, thanks to the high brand equity of Louis Vuitton and Dior and a global network of directly operated stores. Compagnie Financière Richemont S.A. showed dominant performance in the Americas and Asia-Pacific, largely driven by the resilience of its jewellery maisons. Kering Group saw a more fragmented outcome, performing well in Western Europe but trailing behind in Asia-Pacific and Japan, where Gucci is still navigating repositioning.

Channel Performance (FY2024 Only)

In distribution, LVMH Moët Hennessy - Louis Vuitton’s near-total retail model gave it full control over consumer experience and pricing. Compagnie Financière Richemont S.A.’s mixed retail-wholesale strategy helped balance heritage distribution channels with modern formats. Kering Group lagged in reducing its wholesale dependency, especially in underperforming brands.

E-commerce matured into a structural element rather than a growth lever: LVMH Moët Hennessy - Louis Vuitton strengthened omnichannel links, Compagnie Financière Richemont S.A. reevaluated its Yoox Net-a-Porter strategy, and Kering Group further integrated digital with DOS, pivoting from earlier wholesale-led models.

Kering: Restructuring Amid Decline

Brands: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Kering Beauté

Retail Expansion: Kering Group continued to increase its retail footprint in 2024, opening larger flagship stores and hosting exclusive events in key markets including Paris, Seoul, and Dubai to reinforce brand presence and elevate customer experience.

Brand Ambassadors: Gucci leveraged celebrity partnerships with stars such as Hanni of NewJeans and Alia Bhatt in 2024, aiming to refresh brand appeal and deepen regional engagement with younger demographics with campaigns released between March and September 2024

In FY2024, Kering Group faced substantial setbacks, particularly driven by Gucci’s underperformance. However, Gucci remains the cornerstone of Kering’s portfolio, accounting for approximately 52% of the group’s total revenue in FY2024. The brand's comparable revenue dropped 24% in Q4 2024 alone, with sales from directly operated retail networks down 21%. This decline is attributed to product misalignment, sluggish execution of the repositioning strategy, and increased competition from revitalised peers. In response, Kering implemented wide-reaching leadership changes across its houses—including creative reshuffles at Gucci and Balenciaga—and continued pivoting toward a more retail-driven model. Gucci’s new creative director Sabato De Sarno debuted his first collection in September 2023, which began reaching stores in early 2024. However, its commercial impact has yet to be meaningfully realised.

Saint Laurent posted a revenue decline of 9% in 2024, while Bottega Veneta saw a modest 6% increase thanks to a strong retail network performance. Kering Beauté, a new division focused on high-end cosmetics and fragrance, was officially launched in early 2024 to help diversify the group’s portfolio. However, the group’s wholesale business shrank considerably, and geographic softness—particularly in Asia—further weighed on results.

Sabato De Sarno departed from Gucci in February 2025 after a challenging debut, and Demna Gvasalia was appointed as successor in March 2025. At Bottega Veneta, Matthieu Blazy exited in December 2024 and was replaced by Louise Trotter. Sarah Burton left Alexander McQueen to lead Givenchy.

Richemont: Jewellery Dominance and Selective Diversification

Brands: Cartier, Van Cleef & Arpels, Jaeger-LeCoultre, Piaget, Vacheron Constantin, IWC Schaffhausen, A. Lange & Söhne, Panerai, Montblanc, Chloé, Alaïa, Dunhill, Delvaux, Yoox Net-a-Porter Group

Retail Expansion: Compagnie Financière Richemont S.A. continued to strengthen retail presence in FY2024 through boutique expansions in Japan, Saudi Arabia and Korea, while optimising underperforming stores in Mainland China, particularly with major openings such as its flagship Cartier store in Riyadh in May 2024, and boutique relaunches in Tokyo and Seoul during Q3 2024.

Brand Ambassadors: Cartier maintained visibility with its long-standing ambassador Deepika Padukone, while Panerai and Piaget collaborated with regional celebrities to enhance reach across Asia and the Middle East with notable campaigns featuring her in May 2024 across Europe and Asia
FY2024 reinforced Compagnie Financière Richemont S.A.’s position as a global leader in hard luxury, with its Jewellery Maisons (Cartier, Van Cleef & Arpels) continuing to deliver double-digit sales growth. The segment accounted for over 60% of Richemont’s revenues and an even higher share of operating profit. High jewellery collections and the success of gem-set watches played a key role in attracting affluent consumers, especially in Europe, Japan, and parts of the Americas.

Compagnie Financière Richemont S.A. also made leadership changes: Jérôme Lambert returned to lead Jaeger-LeCoultre with a renewed focus on re-energising the heritage watchmaker through complex watchmaking collections and stronger creative campaigns. Despite this, the group faced macroeconomic headwinds in China, resulting in a 25% sales drop in that market. Its overall operating profit for H1 FY2025 fell 17%, reflecting higher logistics and marketing costs and pressure from inventory normalisation in the watch segment.

E-commerce via Yoox Net-a-Porter remained flat, and Compagnie Financière Richemont S.A. continues to explore strategic options for the platform, highlighting the ongoing challenge of scaling luxury e-commerce profitably.

LVMH: Stability in Fashion & Leather Goods

Brands (Fashion & Leather Goods): Louis Vuitton, Christian Dior, Fendi, Celine, Loewe, Marc Jacobs, Loro Piana, Rimowa, Berluti, Moynat, Patou, Nicholas Kirkwood

Retail Expansion: LVMH Moët Hennessy - Louis Vuitton made strategic store investments in FY2024, including flagships in Milan, Tokyo, and Jeddah, alongside experiential brand showcases tied to the Paris Olympics, including the launch of a new Louis Vuitton flagship in Milan’s Via Monte Napoleone in March 2024, a Dior experiential space in Tokyo in May 2024, and a grand opening in Jeddah’s Boulevard World during November 2024

Brand Ambassadors: Louis Vuitton deepened its ambassador roster with BTS's J-Hope and Zendaya; Dior reinforced its partnerships with Jisoo (BLACKPINK) and Robert Pattinson, anchoring regional campaigns and global shows in campaigns launched between February and October 2024.

LVMH Moët Hennessy - Louis Vuitton continued to outperform peers in FY2024, with its Fashion & Leather Goods division demonstrating remarkable resilience. Brands such as Louis Vuitton and Dior maintained strong desirability and pricing power. Louis Vuitton remained the #1 global luxury brand in the Vogue Business Index, underscoring its cultural and commercial dominance.

Product launches and cultural moments underpinned brand performance. Pharrell Williams presented his second Louis Vuitton menswear collection in Paris, continuing his high-profile partnership. Dior released multiple capsule collections and expanded its Lady Dior campaign with a focus on global brand ambassadors and experiential retail. Meanwhile, LVMH Moët Hennessy - Louis Vuitton strengthened creative leadership by appointing Frédéric Arnault as CEO of Loro Piana and Jean-Christophe Babin as CEO of the watches division while keeping his Bulgari role—highlighting a tightly managed executive succession plan.

The group’s involvement in the Paris 2024 Olympics, including outfitting medal bearers and sponsoring key events, reinforced its brand positioning. It also hosted exclusive exhibitions and fashion shows around the reopening of Notre-Dame Cathedral, reaffirming its cultural leadership.

LVMH Moët Hennessy - Louis Vuitton’s acquisitions also supported brand elevation: the purchase of Villa Bagatelle in Cannes for €46.5 million added a new luxury venue for brand showcases and private client experiences.

Sarah Burton was appointed Creative Director of Givenchy in September 2024. At Celine, Hedi Slimane stepped down in October 2024 and was succeeded by Michael Rider.

Comparative Brand and Strategic Developments

Between 2020 and 2024, the luxury industry experienced significant transformations influenced by global economic shifts, evolving consumer preferences, and strategic decisions by leading conglomerates. A comparative analysis of Kering Group, Compagnie Financière Richemont S.A., and LVMH Moët Hennessy - Louis Vuitton reveals how each navigated these challenges, impacting their competitive positions within the market.

Kering: Navigating Challenges Amidst Repositioning

Kering Group faced a notable downturn in 2024, with revenues declining by 12% to €17,2 billion and recurring operating income dropping 46% to €2,6 billion. This decline was primarily attributed to underperformance at Gucci, which saw a 23% revenue decrease. The brand's challenges stemmed from product misalignment and increased competition. In response, Kering Group implemented leadership changes, including appointing Demna Gvasalia as Gucci's new creative director in March 2025. Despite these efforts, Kering's market position weakened relative to competitors, highlighting the risks associated with heavy reliance on a single brand and the challenges of repositioning in a competitive landscape (Kering Annual Report 2024).

Richemont: Strengthening Leadership in Hard Luxury

Compagnie Financière Richemont S.A. solidified its leadership in the hard luxury segment, particularly through its Jewellery Maisons like Cartier and Van Cleef & Arpels, which contributed over 60% of the group's revenues. In FY2024, Compagnie Financière Richemont S.A. reported a 3% increase in revenue to €20,6 billion, despite a 5% decline in operating income to €4,8 billion. The group's focus on high jewellery collections and gem-set watches resonated with affluent consumers, especially in Europe and Japan. However, Richemont faced challenges in China, with a 25% sales drop attributed to macroeconomic headwinds. The group's strategic emphasis on jewellery and selective diversification into watches and fashion allowed it to maintain a strong position in the luxury market, despite regional setbacks.

LVMH: Sustaining Dominance Through Diversification and Innovation

LVMH Moët Hennessy - Louis Vuitton demonstrated resilience and strategic agility, with its Fashion & Leather Goods division generating €41,1 billion in revenue in 2024, a 3% decline from the previous year. The group's success was driven by iconic brands like Louis Vuitton and Dior, which maintained strong desirability through innovative product launches and cultural engagements. LVMH Moët Hennessy - Louis Vuitton's involvement in high-profile events, such as the Paris 2024 Olympics, and strategic acquisitions, like the purchase of Villa Bagatelle in Cannes, reinforced its brand positioning. These initiatives, coupled with a diversified portfolio across various luxury segments, enabled LVMH Moët Hennessy - Louis Vuitton to outperform peers and solidify its leadership in the industry.

Industry-Wide Trends and Strategic Implications

The luxury market experienced a slowdown in 2024, with overall spending totalling €1,48 trillion globally, a slight decrease from the previous year. Factors contributing to this trend included economic uncertainties, reduced consumer spending, and market saturation. Companies that focused on core strengths, brand heritage, and strategic diversification were better positioned to navigate these challenges. The emphasis on timeless designs and quality, as seen in Compagnie Financière Richemont S.A.'s jewellery focus and LVMH Moët Hennessy - Louis Vuitton's iconic fashion lines, aligned with consumer preferences during uncertain times. Conversely, brands undergoing repositioning, like Kering Group's Gucci, faced greater volatility.

In summary, the period from 2020 to 2024 highlighted the importance of strategic agility, brand equity, and diversification in maintaining and enhancing competitive positions within the luxury industry. LVMH Moët Hennessy - Louis Vuitton's balanced approach, Compagnie Financière Richemont S.A.'s focus on hard luxury, and Kering Group's challenges underscore the varied outcomes of different strategic paths in a complex market environment.

Conclusion: Strategic Positioning in a Recalibrated Luxury Market

The 2020–2024 period has proven to be both a test and a testament to the strategic agility of global luxury players. Following the pandemic-induced contraction in 2020, all three conglomerates— LVMH Moët Hennessy - Louis Vuitton, Compagnie Financière Richemont S.A., and Kering Group—entered recovery trajectories shaped by the resilience of their brand portfolios, regional exposure, and adaptability in distribution.

LVMH Moët Hennessy - Louis Vuitton maintained leadership, particularly in its Fashion & Leather Goods category, where brands like Louis Vuitton and Dior sustained strong consumer appeal. Compagnie Financière Richemont S.A., meanwhile, continued to dominate the hard luxury segment with its Jewellery Maisons, growing steadily through product innovation and demand in high-value categories. Kering Group, by contrast, struggled in FY2024, reporting sharp revenue and profit declines due largely to underperformance at Gucci, underlining the challenges of brand repositioning in a competitive landscape.

Looking at regional dynamics, Asia-Pacific remained the leading contributor to sales for all three groups, yet the pace of growth varied: while Compagnie Financière Richemont S.A. reported +10% growth in FY2024, Kering Group’s exposure in China turned into a weakness amid soft demand recovery. Conversely, Europe and Japan became stabilising forces, with Richemont and LVMH Moët Hennessy - Louis Vuitton both posting strong performance—driven by tourism rebound and local demand. Notably, Japan registered Richemont’s strongest growth (+20%).

Emerging and “Rest of the World” regions such as the Middle East, Africa, Southeast Asia, Brazil, and India are gradually increasing in strategic relevance. Southeast Asian countries, Brazil, and India as key growth drivers through 2025 and beyond.

In terms of sales channels, the shift to direct-to-consumer retail continues, reducing dependence on wholesale, especially for Kering Group and Compagnie Financière Richemont S.A.. E-commerce, though no longer the explosive growth vector it was during COVID-19, is now central to omnichannel strategies—with LVMH Moët Hennessy - Louis Vuitton leading on integration, while Richemont recalibrates its Yoox Net-a-Porter assets.

Together, these results paint a picture of a maturing but still expanding luxury market, where brand strength, regional agility, and digital readiness determine long-term success. While the personal luxury goods market could reach €2–2,5 trillion by 2030 at a CAGR of 5–9%, companies will need to balance creative excellence with commercial discipline to capture emerging value across generations, geographies, and platforms.

Read the full LVMH Group report here.
Richemont Group here, and
Kering here

Sources: Bain & Company, McKinsey & Co., Statista, Kering Annual Reports 2020–2024, Richemont Annual Reports 2020–2024, LVMH Annual Results 2020–2024, Financial Times, Vogue Business

Cover Image: Louis Vuitton SS24, Cartier's 100 years celebration and Brioni's Fall/Winter 2024, courtesy Wonderland Magazine, Jing Daily and Brioni Facebook Page respectively.