INTERNATIONAL. Leading luxury goods group LVMH Moët Hennessy Louis Vuitton posted revenue of €60.8 billion in the first nine months of 2024, down -2% on a reported basis and flat in organic terms. The company said it had shown “good resilience in the current context” of a softening luxury goods market and a high basis of comparison, following several years of strong post-pandemic growth.
By region, Europe and the USA posted slight growth on a constant consolidation scope and currency basis and Japan achieved double-digit revenue growth.
In Selective Retailing, organic revenue growth was +6% (+1% reported) in the first nine months. DFS Group is co-owned by LVMH and DFS Co-Founder Robert Miller.
LVMH said: “DFS saw business activity remain below its 2019 pre-COVID level, with marked differences in tourist traffic between its various destinations.”
It cited a good performance by DFS in Japan and at US airports, but said this was offset by weakness in Hong Kong, Macau and Europe.
The Wines & Spirits business group saw a revenue decline of -8% in organic terms (-11% reported) in the period. Champagne was down, reflecting the ‘normalisation’ of post-COVID demand, but remained significantly higher than in 2019. Hennessy Cognac was held back by weak local demand in the Chinese market, while the USA saw a return to growth in the second quarter, in a market that remained cautious.
The Fashion & Leather Goods business group posted a -1% decline in organic revenue (-3% reported). Louis Vuitton and Christian Dior both enjoyed high visibility over the summer with the Paris 2024 Olympic and Paralympic Games. Loro Piana, Loewe and Rimowa showed “solid momentum”.
The Perfumes & Cosmetics business group achieved organic revenue growth of +5% (+2% reported) in the first nine months, driven by its innovation strategy and highly selective distribution policy, said LVMH. Christian Dior achieved “an excellent performance” led by Sauvage while the new Miss Dior Parfum edition was a success, said the group.
Makeup and premium skincare also contributed to the Maison’s strong performance. Guerlain enjoyed solid momentum in fragrances, driven by the L’Art & La Matière collection and the addition of the new Florabloom scent to the Aqua Allegoria line. Fenty Beauty launched a new range of haircare products and expanded its retail presence in China.
The Watches & Jewelry business group saw a -3% decline in revenue on an organic basis (-5% reported) in the period. Tiffany & Co stood out, Bulgari celebrated its 140th anniversary which included the launch of a new collection, Bulgari Tubogas. Chaumet enjoyed high visibility during the summer with the awarding of the medals for the Paris 2024 Olympic and Paralympic Games, created by its design studio. ✈
