Louis Vuitton Continues to Shine as LVMH Delivers 1Q Revenue; Shares Richly Valued
We are maintaining our fair value estimate for wide-moat LVMH as the company reported strong first-quarter revenue. Organic growth in the first quarter was 11% versus our 7.5% full-year expectation. The leather goods and fashion segment was especially strong, reporting organic growth of 15% with continuing strong performance at Louis Vuitton and Christian Dior, which contribute around 70% to the division’s revenue, by our estimates. Organic growth decelerated modestly from 17% in the fourth quar...LVMH Moet Hennessy Louis Vuitton is a manufacturer and retailer of luxury goods. Co. offers champagne and wines, cognac and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewelery; and is engaged in selective retailing. Its operations are organized along five business segments: Wine and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelery, and Selective Retailing. Co. is also engaged in other activities (Media with Les Echos group, La Samaritaine and Luxury yacht with Royal Van Lent). Some of Co.'s brands are Moet & Chandon, Dom Perignon, Louis Vuitton, Fendi, Donna Karan, Parfums Christian Dior, Guerlain, Parfums Givenchy, and TAG Heuer.
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