LVMH posts Q1 organic revenue growth of 3 percent

LVMH Moët Hennessy Louis Vuitton recorded revenue of 20.7 billion euros in the first quarter, down 2 percent reported, while organic revenue growth was 3 percent.

LVMH said in a statement that the company had a good start to the year despite a geopolitical and economic environment that remains uncertain. While Europe and the United States achieved growth on a constant currency and consolidation scope basis over the quarter; Japan recorded double-digit revenue growth; the rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan.

The fashion & leather goods business group achieved organic revenue growth of 2 percent to 10.5 billion euros. The perfumes & cosmetics business group recorded an organic revenue growth of 7 percent to 2,182 million euros, driven by its innovative momentum and selective distribution strategy.

The watches & jewelry business group declined 2 percent to 2,466 million euros in the first quarter of 2024. In jewelry, Tiffany & Co. continued the global rollout of its new store concept inspired by The Landmark in New York, where it launched its first exhibition, Culture of Creativity.

In selective retailing, organic revenue growth was 11 percent to 4,175 million euros with Sephora reporting remarkable growth. The company added that growth remained particularly strong in North America, Europe and the Middle East. The store network continued to expand, particularly in North America. DFS remained below its 2019 pre-Covid level of business activity, with international travel only partially recovering in Europe and at flagship destinations Hong Kong and Macao.