2023 is the first year that the world has officially taken a step out of the shadow of the epidemic, and throughout 2023, the overall market continues to improve. According to data from the Global Luxury Industry Report released by Bain & Company, global luxury sales are expected to increase by 5% to 12% in 2023 compared with last year, reaching 360 billion to 380 billion euros. As expected, from July to August, luxury groups successively released key financial data for the first half of 2023, and most brands showed varying degrees of growth.
As one of the world's largest luxury groups, LVMH owns many well-known luxury brands, such as Louis Vuitton, Dior, Chanel, etc., and its global sales network and brand influence are at the top of the luxury industry. On July 25, LVMH released its report for the first half of fiscal year 2023. According to the financial report data, LVMH Group sales increased by 15% year-on-year to 42.24 billion euros, and gross profit reached 29.317 billion euros, a year-on-year increase of 16%, ranking first in the sales of the luxury industry in the first half of the year!
Compared with LVMH, the largest in sales, Italian luxury group Ermenegildo Zegna also showed impressive revenue growth in its financial report for the first half of 2023. The data shows that Zegna's revenue increased by 23.9% year-on-year, and Zegna Group's revenue increased by 23.9% year-on-year to 903 million euros, an increase of 24.7% in constant exchange rates, becoming the revenue growth king of the luxury industry.
It is worth mentioning that the growth rate of the luxury market in the Asia-Pacific region in 2023 is significantly stronger than that of other regions, becoming the growth engine of the luxury industry, especially the Chinese market, thanks to objective factors such as the recovery of the domestic consumption environment and the recovery of tourism, the growth of luxury goods sales in China is particularly excellent. Among them, the Asia-Pacific market covering China contributed 34% of LVMH's revenue and 24.1% growth to Zegna Greater China, in addition, Burberry and Richemont made it clear in their financial reports that the strong growth of the Asia-Pacific market covering China offset weak sales in the Americas, which shows that China is one of the important markets for major luxury brands, according to Bain's data, China's luxury consumption in 2022 accounts for about 17% of global sales. As early as the beginning of 2023, international luxury giants have seen "Chinese confidence" and laid out the Chinese market early.
In the first half of 2023, not only foreign luxury giants grew strongly in China, but also a number of high-end luxury brands in China achieved outstanding results, including luxury goods group Biyinlöfen, which released its 2023 half-year financial report on August 29, the data shows that the operating income in the first half of the year was 1.684 billion yuan, an increase of 28.2% year-on-year, and the net profit attributable to shareholders of listed companies was 416 million yuan, an increase of 41.03% year-on-year Profitability leads the industry.
As a new luxury brand, Bienleufen's rapid development momentum cannot be ignored. Bienleufen is deeply engaged in the main business and implements a multi-brand development strategy to meet the differentiated needs of consumers. In the first half of 2023, Bienleufen completed the acquisition of two international luxury brands, CERRUTI 1881 and KENT & CURWEN, laying the foundation for building a global luxury group, accelerating the transformation and upgrading of the group, and promoting the internationalization of the brand.
For Bienleufen, 2023 is a year full of opportunities and challenges, seize the opportunity of domestic consumption recovery, compete with major international luxury brands with strong product strength, channel power and influence, win the favor of many consumers with high-quality products, and stand out in the fierce international market with strong brand core competitiveness, it is foreseeable that Bienleufen has certain potential in the international market competition in the future, and becoming one of the international luxury goods will also be the main goal of the group in the future.