Loewe increases annual profit by more than 60 percent
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Business
The Spanish fashion house Loewe is currently experiencing a boom. The label, which belongs to the French luxury goods giant LVMH, recently took the top spot in the Lyst Index, the ranking of the world's most sought-after fashion brands. In addition to this, the Spanish company has also been doing extremely well financially.
On Monday, the Spanish press agency Europa Press reported that Loewe was able to increase its total sales in the 2023 financial year by almost 30 percent to 810.8 million euros. The agency referred to the fashion house's results filed in the Spanish commercial register, which were made available by the business portal Infoempresa. The brand's trading revenue increased by 27.5 percent to 789.3 million euros.
Despite higher operating expenses, Loewe's operating profit grew by 77 percent to 247.5 million euros, according to the report. Net profit amounted to 207.3 million euros, exceeding the previous year's level by 62.5 percent.
This article originally appeared on FashionUnited.DE. It was translated to English using an AI tool called Genesis and edited by Rachel Douglass..
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