Christian Dior : Christian Dior achieves a solid performance despite an unfavorable global economic environment

Christian Dior achieves a solid performance despite an unfavorable global economic environment

. Revenue: €84.7 billion
. Profit from recurring operations: €19.6 billion
. Free cash flow: €10.5 billion
. Acceleration in the fourth quarter, driven by Asia, the United States and Europe
. Major economic and social impact of the Group in France and around the world

Paris, January 28, 2025

The Christian Dior group recorded revenue of €84.7 billion in 2024. Growth continued (+1% on an organic basis) despite a challenging economic and geopolitical environment, as well as a high basis of comparison following several years of exceptional post-Covid growth. Europe and the United States posted growth on a constant consolidation scope and currency basis; Japan saw double-digit revenue growth; the rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan.
In the fourth quarter, organic revenue growth came to 1%, accelerating with respect to the third quarter.

Profit from recurring operations for 2024 came to €19.6 billion, equating to an operating margin of 23.1%, significantly exceeding pre-Covid levels. Exchange rate fluctuations had a substantial negative impact during the year, particularly on Fashion & Leather Goods and Wines & Spirits. Net profit amounted to €12.9 billion and the Group share of net profit amounted to €5.2 billion. Free cash flow came to €10.5 billion, up 29%.

Highlights of 2024 included the following:

Good resilience in a disrupted global environment

Continued organic revenue growth.
Growth in revenue in Europe and the United States; exceptional growth in Japan nevertheless related to a weak currency.
Substantial negative impact on profit arising from exchange rate fluctuations, particularly on Fashion & Leather Goods and Wines & Spirits.
29% increase in operating free cash flow, which came to more than €10 billion.
Performance of Wines & Spirits reflecting the ongoing normalization of demand that began in 2023.
Solidity of Fashion & Leather Goods driven by the powerful appeal of its products, with its operating margin remaining at an exceptional level.
Strong momentum in fragrances, driven in particular by the success of Dior’s Sauvage, which remained the world’s best-selling fragrance.
Numerous innovations at all the Watches and Jewelry Maisons, and continued investments in communications and in the evolution of our stores.
Remarkable performance by Sephora, which consolidated its position as world leader in beauty retail.

New progress made under the LIFE 360 environmental program

Acceleration in the Group’s circular design policy: 31% of materials used to make the Maisons’ products and their packaging now sourced through recycling processes.
Two years ahead of schedule, target met for reducing absolute energy-related GHG emissions (Scopes 1 and 2): 55% reduction in 2024 with respect to 2019 (Target for 2026: 50% reduction).
Water withdrawal for production sites and workshops: 10% reduction with respect to 2023 (Target for 2030: 30% reduction).
As part of the Group’s biodiversity protection plan, flora and fauna habitat regenerated or restored increased to 3.8 million hectares by year-end 2024 (Target for 2030: 5 million hectares).

Major economic and social impact of the Group in France and around the world

More than 215,000 employees worldwide as of year-end 2024 (including nearly 40,000 employees in France).
France’s largest private-sector recruiter.
Preserving and passing on skills and expertise in more than 280 professions in design, craftsmanship and customer experience, with over 3,300 apprentices trained by LVMH’s IME (Institut des Métiers d’Excellence) program since its launch in 2014.
Support for over 910 nonprofits and charitable foundations in 2024, with around 65,000 Group employees taking part in a community involvement partnership, serving more than 1,900,000 people.
Operating investments of €5.5 billion in 2024, mainly dedicated to the expansion of the store network and the development of production facilities, including €1.7 billion in France.
119 production facilities and craft workshops in France.
€6 billion in corporate tax paid worldwide in 2024, around half of which in France.

Financial highlights

In millions of euros	2023	2024	Change 2024/2023
Revenue	86 153	84 683	-2% Reported	+1% Organic
Profit from recurring operations	22 796	19 565	-14%
Net profit, Group share	6 304	5 208	-17%
Operating free cash flow	8 101	10 473	+29%
Net financial debt	10 548	9 058	-14%
Equity	60 293	66 852	+11%

Revenue by business group changed as follows:

In millions of euros	2023	2024	Change 2024/2023 Reported Organic*
Wines & Spirits	6 602	5 862	-11%	-8%
Fashion & Leather Goods	42 169	41 060	-3%	-1%
Perfumes & Cosmetics	8 271	8 418	+2%	+4%
Watches & Jewelry	10 902	10 577	-3%	-2%
Selective Retailing	17 885	18 262	+2%	+6%
Other activities and eliminations	324	504	-	-
Total	86 153	84 683	-2%	+1%

* On a constant consolidation scope and currency basis. For the Group, the impact of changes in scope with respect to 2023 was -1% and the impact of exchange rate fluctuations was -2%.

Profit from recurring operations by business group changed as follows:

In millions of euros	2023	2024	Change 2024/2023
Wines & Spirits	2 109	1 356	-36%
Fashion & Leather Goods	16 836	15 230	-10%
Perfumes & Cosmetics	713	671	-6%
Watches & Jewelry	2 162	1 546	-28%
Selective Retailing	1 391	1 385	0%
Other activities and eliminations	(415)	(623)	-
Total	22 796	19 565	-14%

Wines & Spirits: Ongoing normalization of demand that began in 2023

Revenue for Wines & Spirits was down 8% (organic). Profit from recurring operations was down 36%, notably due to exchange rate fluctuations. After three exceptional years, the post-Covid normalization of demand for champagne and cognac, which began in 2023, continued amid a certain slowdown in consumption and a more challenging market environment in China. Champagne houses maintained their market share of more than 22% of all Champagne-appellation shipments. Revenue for Hennessy cognac was held back by weaker local demand. In Provence rosé wines, Château d’Esclans stepped up its international expansion. The joint venture with Beyoncé Knowles-Carter gave rise to a new American whisky, SirDavis. A partnership with French Bloom, the market leader in premium alcohol-free sparkling wine, was also announced.

Fashion & Leather Goods: Good resilience

The Fashion & Leather Goods business group, which was broadly stable in terms of organic growth in 2024, showed solid resilience. Profit from recurring operations was down 10%, mainly affected by exchange rate fluctuations. Louis Vuitton and Christian Dior Couture both enjoyed high visibility over the summer with the Paris 2024 Olympic and Paralympic Games. Louis Vuitton was once again driven by its remarkable capacity for innovation in the world of travel: bespoke trunks, handcrafted in its historic Asnières workshops, held the world’s most prestigious sports trophies, such as those of the Louis Vuitton 37th America’s Cup in Barcelona, as well as the torches and medals of the Paris 2024 Olympic and Paralympic Games. The Maison’s new flagship store in New York was a major success, offering an immersive experience in the world of Louis Vuitton. Christian Dior Couture maintained its creative momentum, fusing heritage and modernity. The L’Or de Dior exhibition at the Guardian Art Center in Beijing honored the Maison’s strong ties with China through the prism of art. New My Dior designs inspired by Dior’s iconic cannage stitching celebrated and reinterpreted traditional jewelry-making craftsmanship. Dior celebrated the end-of-year holiday season with spectacular façades and enchanting window displays around the world, in particular at its 30 Montaigne store in Paris and at the new Dior Gold House in Bangkok. Loro Piana, which celebrated one hundred years of history and exceptional craftsmanship in 2024, delivered a remarkable performance and decorated all the window displays at Harrods at the end of the year. Loewe was buoyed by growing brand awareness and the bold creativity of its collections. Rimowa confirmed its excellent momentum. The Group welcomed two new creative directors: Michael Rider at Celine and Sarah Burton at Givenchy.

Perfumes & Cosmetics: Solid momentum in fragrances; selective distribution strategy maintained

The Perfumes & Cosmetics business group achieved organic revenue growth of 4% in 2024 thanks to the ongoing success of its flagship lines, powerful innovative momentum and a selective distribution policy. Profit from recurring operations was down 6%. Parfums Christian Dior delivered a very robust performance. Sauvage continued to achieve solid growth, consolidating its position as the world’s leading fragrance, while Rihanna became the new face of iconic women’s perfume J’adore. The new Miss Dior Parfum edition was a major success. Makeup – in particular the Forever foundation line – also contributed to the Maison’s good results. Guerlain saw positive momentum in fragrances, driven in particular by its L’Art & La Matière premium fragrance collection and the addition of its new Florabloom scent to the Aqua Allegoria line. Parfums Givenchy achieved further growth, driven by fragrances and its Prisme Libre powder. Maison Francis Kurkdjian opened a new showcase store on Rue François 1^er in Paris, while Fenty Beauty began its development in China and launched a new range of haircare products.

Watches & Jewelry: Further innovation in jewelry and watches

Revenue for Watches & Jewelry decreased by 2% on an organic basis in 2024. Profit from recurring operations was down 28%, partly due to ongoing investments in store renovations and communications, as well as exchange rate fluctuations. Tiffany & Co. showcased its iconic lines through its global “With Love, Since 1837” campaign. The new Tiffany Titan by Pharrell Williams collection was exceptionally well received, while a ring version of the Bone cuff was unveiled to mark the 50th anniversary of designs by Elsa Peretti. The new store concept continued to be rolled out with great success; The Landmark – the Maison’s flagship store on New York’s Fifth Avenue, and the first to be renovated – achieved record-breaking revenue in 2024 and became the world’s premier luxury store. Tiffany has seen revenue from high jewelry quadruple since the Maison’s acquisition, and operating profit double. Bulgari celebrated its 140th anniversary with the new “Eternally Reborn” campaign and the launch of the Aeterna high jewelry collection, which achieved record-breaking revenue. The Maison also unveiled the new Tubogas jewelry collection, a contemporary take on its iconic 1950s line. Chaumet enjoyed high visibility thanks to its design of the medals for the Paris 2024 Olympic and Paralympic Games. A 10-year global partnership between LVMH and Formula 1 was announced, and in 2025, TAG Heuer will return as the Official Timekeeper of Formula 1 for all its circuits worldwide.

Selective Retailing: Remarkable performance by Sephora; DFS still held back by prevailing international conditions

The Selective Retailing business group posted organic revenue growth of 6% in 2024. Profit from recurring operations remained stable. Sephora delivered a remarkable performance, with double-digit growth in both revenue and profit. Reaffirming its position as the world’s leading fragrance and cosmetics retailer, the Maison continued to gain market share. Its retail network continued to grow, most notably in the United Kingdom and the United States, in particular through a collaboration with Kohl’s. DFS, which saw business activity remain below its 2019 pre-Covid level, was hard hit in particular by exchange rate fluctuations. Le Bon Marché continued to develop, achieving record levels of revenue, driven by the department store’s differentiation strategy, with its continuously renewed selection of products and services and unique slate of events.

Confidence for 2025

Despite a geopolitical and macroeconomic environment that remains uncertain, the Group remains confident and will pursue its brand development-focused strategy, underpinned by continued innovation and investment as well as an extremely exacting quest for desirability and quality in its products and their highly selective distribution.

Driven by the agility of its teams, their entrepreneurial spirit and its well-diversified presence across the geographic areas in which its customers are located, Christian Dior once again sets an objective of reinforcing its global leadership position in luxury goods in 2025.

Dividend for 2024

At the Shareholders’ Meeting on April 17, 2025, Christian Dior will propose a dividend of €13 per share. An interim dividend of €5.50 per share was paid on December 4, 2024. The balance of €7.50 per share will be paid on April 28, 2025.

The Board of Directors met on January 28 to approve the financial statements for fiscal year 2024. Audit procedures have been carried out and the audit report is being issued.
This press release is available at www.dior-finance.com.

“This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in Christian Dior’s Annual report which is available on the website (www.dior-finance.com). These forward looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward looking statements only reflect Company’s views as of the date of this document, and Christian Dior does not undertake to revise or update these forward looking statements. The forward looking statements should be used with caution and circumspection and in no event can the Company and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in Christian Dior or an invitation or inducement to engage in any other investment activities.”

APPENDIX

Financial statements for 2024 are included in the PDF version of the press release.

Revenue by business group and by quarter

Revenue for 2024 (in millions of euros)

Full-year 2024	Wines & Spirits	Fashion & Leather Goods	Perfumes & Cosmetics	Watches & Jewelry	Selective Retailing	Other activities and eliminations	Total
First quarter	1 417	10 490	2 182	2 466	4 175	(36)	20 694
Second quarter	1 391	10 281	1 953	2 685	4 457	216	20 983
First half	2 807	20 771	4 136	5 150	8 632	181	41 677
Third quarter	1 386	9 151	2 012	2 386	3 927	214	19 076
First nine months	4 193	29 922	6 148	7 536	12 559	395	60 753
Fourth quarter	1 669	11 139	2 270	3 041	5 703	108	23 930
Total 2024	5 862	41 060	8 418	10 577	18 262	504	84 683

Revenue for 2024 (organic change versus same period in 2023)

Full-year 2024	Wines & Spirits	Fashion & Leather Goods	Perfumes & Cosmetics	Watches & Jewelry	Selective Retailing	Other activities and eliminations	Total
First quarter	-12%	+2%	+7%	-2%	+11%	-	+3%
Second quarter	-5%	+1%	+4%	-4%	+5%	-	+1%
First half	-9%	+1%	+6%	-3%	+8%	-	+2%
Third quarter	-7%	-5%	+3%	-4%	+2%	-	-3%
First nine months	-8%	-1%	+5%	-3%	+6%	-	+0%
Fourth quarter	-8%	-1%	+2%	+3%	+7%	-	+1%
Total 2024	-8%	-1%	+4%	-2%	+6%	-	+1%

Revenue for 2023 (in millions of euros)

Full-year 2023	Wines & Spirits	Fashion & Leather Goods	Perfumes & Cosmetics	Watches & Jewelry	Selective Retailing	Other activities and eliminations	Total
First quarter	1 694	10 728	2 115	2 589	3 961	(52)	21 035
Second quarter	1 486	10 434	1 913	2 839	4 394	140	21 206
First half	3 181	21 162	4 028	5 427	8 355	87	42 240
Third quarter	1 509	9 750	1 993	2 524	4 076	113	19 964
First nine months	4 689	30 912	6 021	7 951	12 431	201	62 205
Fourth quarter	1 912	11 257	2 250	2 951	5 454	124	23 948
Total 2023	6 602	42 169	8 271	10 902	17 885	324	86 153

Alternative performance measures

For the purposes of its financial communications, in addition to the accounting aggregates defined by IAS/IFRS, Christian Dior uses alternative performance measures established in accordance with AMF position DOC-2015-12.

The table below lists these performance measures and the reference to their definition and their reconciliation with the aggregates defined by IAS/IFRS in the published documents.

Performance measures	Reference to published documents
Operating free cash flow	AR (condensed consolidated financial statements, consolidated cash flow statement)
Net financial debt	AR (Notes 1.22 and 19 to the condensed consolidated financial statements)
Gearing	AR (Part 7, “Comments on the consolidated balance sheet”)
Organic growth	AR (Part 1, “Comments on the consolidated income statement”)

AR: Annual report as of December 31, 2024

This document is a free translation into English of the original French financial release dated January 28^th, 2025.
It is not a binding document.
In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text.

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