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Global sales of LVMH handbags and perfumes have exceeded wine sales in the French agricultural sector, the Financial Times reports, citing a report from the consulting company Asterès.

Exports from the giant luxury goods conglomerate, which controls industry-leading brands including Louis Vuitton, Dior, Celine and LOEWE, accounted for 4% of France's exports in 2023, while international sales of Camembert and wine accounted for just 3.2%. As the luxury sector remains vital to the French economy, LVMH alone exported €23.5 billion worth of designer goods during the year.

The company said last week that Asia accounts for just under 40% of those sales, with the US accounting for 25%. France accounts for less than 10% of LVMH's global sales, according to the report.

LVMH hopes to continue its thriving contribution to the French economy as the company changes its executive leadership. Last week, LVMH CEO Bernard Arnault named his two sons, Frédéric, 29, and Alexandre, 31, to the conglomerate's board of directors. Four of Arnault's five children currently serve on the board of directors.

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