Luxury conglomerate LVMH Moët Hennessy Louis Vuitton recorded revenue of 21 billion euros in the first quarter of 2023, up 17 percent compared to the same period of 2022. Organic revenue growth was 17 percent.
The company said in a release that LVMH had an excellent start to the year, within a geopolitical and economic environment which remains uncertain. Europe and Japan, which enjoyed strong growth momentum, benefited from robust demand from local customers and international travellers; the United States, a market which continues to grow, had a steady performance. Asia experienced a significant rebound following the lifting of health restrictions.
Review of LVMH performance across core businesses
The group’s fashion & leather goods business recorded 18 percent revenue growth to 10.7 billion euros, while organic growth was also 18 percent. The company added that Louis Vuitton’s latest women's ready-to-wear fashion shows designed by Nicolas Ghesquière were a great success. The appointment of Pharrell Williams as men's creative director was announced.
Christian Dior continued to perform well across all its products. Maria Grazia Chiuri celebrated the wealth of know-how and excellence in embroidery at her latest fashion show in Mumbai in India. After Egypt, the latest Parisian men's ready-to-wear show by Kim Jones was well received.
Celine continued to showcase strong growth driven by the success of Hedi Slimane's creations. Loewe, driven by the bold creativity of J.W. Anderson, unveiled a new collaboration with Studio Ghibli. Fendi opened new stores in Tokyo and Seoul. Loro Piana, Rimowa, Marc Jacobs and Berluti also had a positive start to the year.
The perfumes & cosmetics business group reported revenues of 2,115 million euros, delivering an 11 percent or 10 percent increase organically. Christian Dior’s Sauvage, Miss Dior and J’Adore fragrances drove growth. Make-up and skincare also contributed to the performance of the maison. Guerlain benefited from the success of its Aqua Allegoria line. Parfums Givenchy unveiled its new fragrance Gentleman Society. Benefit successfully expanded its The Porefessional skincare range, while Fenty Beauty benefited from the visibility given to the brand by Rihanna during the American Super Bowl.
LVMH’s watches & jewelry and selective retailing record growth in Q1
In the first quarter of 2023, the watches & jewelry business group achieved revenue growth of 11 percent to 2,589 million euros.. In jewelry, Tiffany & Co. is preparing for the upcoming reopening of the Landmark in New York. The new Lock jewelry collection, whose success is growing, continued its worldwide rollout. Bulgari, showing strong growth, celebrated the 75th anniversary of its Serpenti line.
In selective retailing, revenue growth was 30 percent to 3,961 million euros in the first quarter, while the growth was 28 percent organically. Sephora performed well over the quarter and continued to gain market share. Momentum was particularly strong in North America, Europe and the Middle East. The brand continued to expand its distribution network, particularly in the United Kingdom where, already present online, its first store was opened in London. DFS, the company said, benefited from the recovery of international travel and, in particular, from the gradual return of travellers to the flagship destinations of Hong Kong and Macao.