As the largest luxury goods group globally and the biggest company in Europe by market capitalization, LVMH has had another impressive year.
Let’s address the luxury elephant in the room: LVMH. In fact, the company just reported its second consecutive record-setting year with a staggering $25 billion in sales and a 23% increase in both revenue and profit from the previous year, thanks in part to a successful holiday season. It’s no wonder that Louis Vuitton, a brand under the LVMH umbrella, remains the most authenticated brand by Entrupy. Keep reading to stay up-to-date on the latest news in the luxury goods industry.
The New French Revolution
The remarkable success of LVMH isn’t just about jaw-dropping numbers, it signifies a significant shift in the global economy. The surge in luxury sales and LVMH’s stock price has played a crucial role in helping France surpass Britain’s stock market as the most valued in Europe in 2022. The conglomerate’s success has also positively impacted the French economy, generating four jobs for every job created at LVMH in 2022. In total, LVMH’s triumph created over 160,000 new jobs in France alone.
Entrupy x LVMH
As an alum of LVMH’s La Maison des Startups program, Entrupy maintains strong ties to the parent company. The program’s mission is to facilitate collaborations between LVMH and cutting-edge startups, with the ultimate goal of developing innovative solutions and services for the luxury market. Today, Entrupy’s authentication solution supports six of LVMH’s top luxury brands: Louis Vuitton, Christian Dior, Loewe, Fendi, Givenchy, and Celine. Stay updated on the latest news in the luxury industry by continuing to read on.
Louis Vuitton remains the top authenticated brand for Entrupy, a trend that has continued since the product’s launch. In 2021, LV products accounted for 24% of Entrupy’s authentication volume, totaling a resale value of $177 million.
However, when it comes to brand merchandise that Entrupy couldn’t verify as authentic, LVMH subsidiaries Dior and Fendi were among the top 5 brands, making up 14% and 11% of the volume, respectively. The recent demand surge for popular Y2K-comeback styles from both brands has led to an increase in counterfeit products flooding the market, causing a significant concern for resale customers. Fortunately, Entrupy is here to help ensure authenticity and protect customers from counterfeit products.