LVMH Moët Hennessy Louis Vuitton reported a revenue of €20.7 billion in the first quarter of 2024, marking an organic growth of 3%. Despite the uncertain geopolitical and economic climate, LVMH experienced growth across various regions, with notable increases in Europe, the United States, and Japan—the latter seeing double-digit growth. Shares are gaining in Paris by 1.58% to Euro 855.05
Breakdown by Business Group:
- Wines & Spirits: Revenue fell by 12% organically to €1,417 million. The decline was attributed to a normalization in post-Covid demand and cautious retailer ordering in the US.
- Fashion & Leather Goods: Achieved a 2% organic growth, reaching €10,490 million. Highlights include Louis Vuitton’s strong performance and Christian Dior’s continued creativity.
- Perfumes & Cosmetics: Grew 7% organically to €2,182 million, driven by successful fragrance lines and skincare products.
- Watches & Jewelry: Slightly down by 2% organically, at €2,466 million, despite strong creative efforts and new campaigns.
- Selective Retailing: Grew by 11% organically to €4,175 million, led by Sephora’s robust growth and market share gains in several regions.
Strategic Highlights:
- Louis Vuitton celebrated ten years of Nicolas Ghesquière’s designs with a major show in Paris and unveiled special trunks for the Paris 2024 Olympic and Paralympic Games.
- Christian Dior maintained high visibility, with significant social media engagement and a notable store opening in Geneva.
- The Perfumes & Cosmetics group saw strong performances from iconic brands like Dior and Guerlain.
- In Watches & Jewelry, Tiffany & Co. expanded its store concept globally, and Bulgari launched a cultural preservation foundation.
- Sephora continued to expand its store network, especially in North America, despite DFS’s challenges in Asian markets due to sluggish recovery in international travel.
LVMH remains vigilant yet optimistic about 2024, focusing on brand development, innovation, and maintaining high product quality and desirability. The company aims to strengthen its global leadership in the luxury goods sector through strategic investments and leveraging the diversity of its portfolio and geographic presence.
