INTERNATIONAL. Luxury goods group LVMH Moët Hennessy Louis Vuitton posted revenue of €18 billion in the first quarter of 2022, up +29% compared to the same period in 2021. Organic revenue growth was +23%.
All business groups achieved double-digit revenue growth, except for wines & spirits, which continued to see supply constraints. By region, the US and Europe achieved double-digit revenue growth; Asia continued to grow over the quarter despite the impact of a tightening of health restrictions in China in March.
In the Selective Retailing division, which includes DFS Group (co-owned by LVMH and DFS Co-Founder Robert Miller) and Starboard Cruise Services, organic revenue growth was up +24%. DFS’s revenue rose in the quarter, reported LVMH, but at a lower level “due to the persistent weakness of international travel”.
Wines & Spirits recorded +2% organic growth year-on-year. Volumes rose sharply in the Champagne business, particularly in Europe and Japan. Maison Armand de Brignac, which has been 50% owned by LVMH since May 2021, is included for the first time in the first quarter accounts. Hennessy Cognac saw volumes decrease compared to the first quarter of 2021 due to supply and logistical constraints at the beginning of the year. Glenmorangie whisky and Belvedere vodka recorded strong growth, said LVMH.
The Fashion & Leather Goods business group recorded organic revenue growth of +30% in Q1 2022, led by Louis Vuitton, while Christian Dior had a “remarkable performance” stated the company. Fendi recorded solid growth, Celine was buoyed by its ready-to-wear and leather goods lines designed by Hedi Slimane and Loro Piana, Loewe with J.W. Anderson, and Marc Jacobs all had good quarters.
In Perfumes & Cosmetics, organic revenue growth was +17% year-on-year, aided by sustained growth in perfume and makeup, particularly in the US. Strong performances from Dior, Guerlain Parfums Givenchy and Francis Kurkdjian contributed.
The Watches & Jewelry business group recorded organic revenue growth of +19%, with Tiffany & Co. buoyed by strong growth in the US. At Bulgari, the Serpenti line, high jewellery and watch collections, including the new Octo Finissimo Ultra watch, were the main drivers of growth. Chaumet and Fred had “excellent performances” in the quarter. The group’s watchmaking houses unveiled new products at the Watches & Wonders Exhibition, with watch innovations from TAG Heuer, Hublot and Zenith.
