When we say the richest man in the world is being bankrolled by 12 year olds obsessed with skincare… would you believe us?
And no, Elon didn’t suddenly buy a spa business. We’re talking about Bernard Arnault, the owner of LVMH, the world’s largest luxury goods company. His net worth is hovering around $230 billion, which puts him at #1 in the “more money than we can comprehend” category. And it isn’t the high end luxury products that are fueling massive growth. LVMH shared that Sephora had a historic year in their Selective Retailing category, which overall showed a 25% revenue increase in 2023 (which totaled $19.4 BILLION) which was the best performance of any LVMH bucket. The company reported $93.34 billion in revenue for 2023, which was 13% growth as compared to 2022.
So yeah, even though the LVMH portfolio includes Louis Vuitton, Hennessy, Off-White, Tiffany & Co.,, and tons of other luxury names – clean beauty skin care seems to be the future of the LVMH brand as Gen Alphas learn about the magic of a good face mask.
Watch the video here:
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