LVMH achieves 3% organic revenue growth in the first quarter
Paris, April 16th, 2024
LVMH Moët Hennessy Louis Vuitton, the world leader in high-quality products, recorded revenue of €20.7 billion in the first quarter of 2024. Organic revenue growth came to 3%. LVMH had a good start to the year despite a geopolitical and economic environment that remains uncertain.
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.
Revenue by business group changed as follows:
| In millions of euros | Q1 2024 | Q1 2023 | Change Q1 2024/2023 Reported Organic* | |
| Wines & Spirits | 1 417 | 1 694 | -16% | -12% |
| Fashion & Leather Goods | 10 490 | 10 728 | -2% | +2% |
| Perfumes & Cosmetics | 2 182 | 2 115 | +3% | +7% |
| Watches & Jewelry | 2 466 | 2 589 | -5% | -2% |
| Selective Retailing | 4 175 | 3 961 | +5% | +11% |
| Other activities and eliminations | (36) | (52) | - | - |
| Total LVMH | 20 694 | 21 035 | -2% | +3% |
* On a constant consolidation scope and currency basis. For the Group, the structural impact was ‑1%;
the currency effect was -4%.
The Wines & Spirits business group saw a revenue decline (-12% organic) in the first quarter of 2024. Champagne was down, reflecting the normalization of post-Covid demand. Moreover, the beginning of the year was compared to strong growth in the first quarter of 2023, due in particular to restocking among distributors. Hennessy cognac was once again hampered by a cautious attitude among retailers, which limited their orders in an environment that remained uncertain in the United States. Among Provence rosé wines, the prestigious Minuty estate was included in the first-quarter accounts for the first time.
The Fashion & Leather Goods business group achieved organic revenue growth of 2% in the first quarter of 2024. Louis Vuitton made an excellent start to the year, once again buoyed by the creativity and quality of its products. The Maison celebrated ten years of Nicolas Ghesquière’s designs for Louis Vuitton at his latest Women’s show, held in the Louvre’s Cour Carrée courtyard in Paris. Pharrell Williams presented his new Men’s collection, inspired by the classic American West wardrobe. His vision of the Speedy P9 bag, featuring a range of new colors, was a major success. Illustrating Louis Vuitton’s support for Paris 2024 and its long history as a master trunk-maker, the Maison unveiled the unique trunks designed to house the medals and torches for the Paris 2024 Olympic and Paralympic Games. Christian Dior continued to show remarkable creative momentum in all its products. Maria Grazia Chiuri and Kim Jones continued to pay tribute to the Maison’s iconic designs, raising Dior’s visibility to record levels – with as many as 390 million views for the livestream show of its Women’s Winter 2024 ready-to-wear collection – while a new series, entitled The New Look, retraced the creation and rise of the House of Dior. The opening in Geneva of an exceptional store designed by architect Christian de Portzamparc was a highlight of the quarter. Celine’s new Collection de l’Arc de Triomphe, designed by Hedi Slimane, continued to elevate the brand’s desirability. Loewe launched its first major exhibition in Shanghai, commissioned by Jonathan Anderson, as a tribute to the Maison’s Spanish heritage. Fendi expanded its Selleria leather goods line. Loro Piana once again achieved excellent momentum in all its product categories. Rimowa and Berluti experienced a good start to the year.
The Perfumes & Cosmetics business group achieved organic revenue growth of 7%, driven by its powerful innovative momentum and selective distribution strategy. Christian Dior delivered an excellent performance, spurred by the ongoing success of iconic fragrances Sauvage, J’adore and Miss Dior, the new Parfum edition of which showed remarkable results. The relaunch of Rouge Dior in makeup and the Capture skincare line also contributed to the Maison’s rapid growth. Guerlain was buoyed by robust demand for its Aqua Allegoria fragrances, enriched with a new Florabloom version, as well as its new Abeille Royale creams and the success of Terracotta in makeup. Parfums Givenchy was boosted by the expansion of its L’Interdit fragrance. Maison Francis Kurkdjian posted solid growth, driven in particular by its iconic Baccarat Rouge 540.
The Watches & Jewelry business group was down slightly (-2% organic) 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, celebrating the Maison’s long-standing commitment to artistic excellence. A comprehensive communication campaign, showcasing its icons, has just been launched worldwide and has met with great success. Bulgari continued to showcase the iconic Serpenti and relaunch its B.zero1 collection. The Maison announced the launch of Fondazione Bulgari, a foundation dedicated to preserving cultural and craft heritage, and to passing on skills in Italy. Chaumet unveiled the medals for the Paris 2024 Olympic and Paralympic Games, created by the Maison’s design studio, and Fred launched its new “Sunshine Jeweler” communication campaign. Creative momentum remained strong in watchmaking, with a wide range of innovations by TAG Heuer, Hublot and Zenith presented in Miami at the fifth LVMH Watch Week.
In Selective Retailing, organic revenue growth was 11% in the first quarter of 2024. Sephora once again achieved remarkable growth, continuing to gain market share. 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.
In an uncertain geopolitical and economic environment, LVMH remains both vigilant and confident at the start of the year. The Group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution.
LVMH will rely on the talent and motivation of its teams, the diversity of its businesses and the good geographical balance of its revenue to further strengthen its global leadership position in luxury goods in 2024.
Regulated information related to this press release and presentation available at .lvmh.com.
Details from the webcast on the publication of revenue for the first quarter of 2024 available at mh.com.
LVMH
LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de Mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Newton, Bodega Numanthia, Ao Yun, Château d’Esclans, Château Galoupet, Joseph Phelps and Château Minuty. Its Fashion and Leather Goods division includes Louis Vuitton, Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, RIMOWA, Patou, Barton Perreira and Vuarnet. LVMH is present in the Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes Loewe, Benefit Cosmetics, Make Up For Ever, Acqua di Parma, Fresh, Fenty Beauty by Rihanna, Maison Francis Kurkdjian and Officine Universelle Buly. LVMH's Watches and Jewelry division comprises Bulgari, Tiffany & Co., TAG Heuer, Chaumet, Zenith, Fred and Hublot. LVMH is also active in selective retailing as well as in other activities through DFS, Sephora, Le Bon Marché, La Samaritaine, Groupe Les Echos, Cova, Le Jardin d’Acclimatation, Royal Van Lent, Belmond and Cheval Blanc hotels.
“This document may contain certain forward looking statements which are based on estimations and forecasts. By their nature, these forward looking statements are subject to important risks and uncertainties and factors beyond our control or ability to predict, in particular those described in LVMH’s Universal Registration Document which is available on the website (). These forward looking statements should not be considered as a guarantee of future performance, the actual results could differ materially from those expressed or implied by them. The forward looking statements only reflect LVMH’s views as of the date of this document, and LVMH does not undertake to revise or update these forward looking statements. The forward looking statements should be used with caution and circumspection and in no event can LVMH and its Management be held responsible for any investment or other decision based upon such statements. The information in this document does not constitute an offer to sell or an invitation to buy shares in LVMH or an invitation or inducement to engage in any other investment activities.”
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