INTERNATIONAL. Leading luxury goods group LVMH Moët Hennessy Louis Vuitton posted revenues of €21 billion in the first quarter, a rise of +17% year-on-year. Organic growth was also +17% in the period.
By region, Europe and Japan benefited from robust demand from local customers and international travellers, noted the group, with a steady performance from the US and a “significant rebound” in Asia.
In Selective Retailing, which includes DFS Group and Starboard, revenue growth was +30% (+28% organically). LVMH said: “DFS benefited from the recovery of international travel and, in particular, from the gradual return of travellers to the flagship destinations of Hong Kong and Macau.”
DFS revenue increased, said the group, but remains below 2019 for the period. LVMH also highlighted the significance of the recent DFS opening at Chongqing Jiangbei International Airport’s domestic Terminal 3A.
The Wines & Spirits business group recorded revenue growth of +3% in the quarter (+3% organically). The Champagne business once again recorded strong revenue growth. Hennessy Cognac “showed resilience” against the economic environment in the US and despite continued high stock levels among distributors.
Among Provence rosé wines, Château d’Esclans enjoyed “an excellent performance” with a key partnership signed with prestigious brand Minuty. Joseph Phelps Vineyards from Napa Valley, California, was integrated for the first time in the first quarter accounts. Glenmorangie whisky and Belvedere vodka recorded good growth.
The Fashion & Leather Goods business group recorded +18% revenue growth in the first quarter (+18% organically). Louis Vuitton had an excellent start to the year, noted the group, while Christian Dior also performed strongly.
Celine continued to enjoy “very strong growth” thanks to Hedi Slimane’s creations. Loewe unveiled a new collaboration with Studio Ghibli. Fendi opened new stores in Tokyo and Seoul. Loro Piana, Rimowa, Marc Jacobs and Berluti also had an excellent start to the year, noted the group.
The Perfumes & Cosmetics business group delivered an +11% increase in revenue in Q1 (+10% organically). Christian Dior achieved “a remarkable performance” buoyed by fragrance as well as makeup and skincare.
Guerlain benefited from the success of the Aqua Allegoria line and a new liquid foundation from the Terracotta collection. Parfums Givenchy unveiled new fragrance Gentleman Society. Benefit expanded the Porefessional skincare range, while Fenty Beauty benefited from the strong visibility given to the brand by Rihanna during the American Super Bowl.
The Watches & Jewelry business group achieved revenue growth of +11% (+11% organically). Tiffany & Co. had a strong start to the year and Bulgari also showed good growth as it celebrated the 75th anniversary of its Serpenti line.
Chaumet and Fred progressed well while Maison Chaumet created a new engagement program, Echo Culture Awards, which aims to support women who enhance the culture through their actions on the ground. The LVMH watchmaking Maisons maintained “excellent progress” and unveiled many new products at the Watches & Wonders trade show, including innovations from TAG Heuer, Hublot and Zenith. ✈
