Companies

LVMH announces first quarter results

Apr 13, 2023 France

The luxury group has reported a revenue growth of 17% (also organically) in the first quarter of 2023 to 21.04 billion euros, year-over-year, highlighting the rebound experienced in China

In a conference with analysts, the company pointed out that its sales in Asia, except for Japan, increased by 13% in the first quarter of the current year, reflecting the lifting of COVID-19-related restrictions in China. Europe and Japan also “enjoyed a strong growth momentum” in this period due to “robust demand from local customers and international travellers”. In the US, LMVH recorded a steady performance, but noted that demand is giving signs of waning, particularly among lower-spending shoppers (reuters.com).

By segment, it is noteworthy the 18% revenue growth registered in the three months to the 31^stof March by the Fashion & Leather Goods business group, as compared to the same period of last year, adding 10.72 billion euros to the group's total revenue. Louis Vuitton and Christian Dior kicked off the year remarkably well, while Celine continued “to enjoy very strong growth thanks to the success of Hedi Slimane’s creations”. The other Maisons “also had an excellent start” in 2023.

In light of the uncertain geopolitical and economic context, “LVMH remains both vigilant and confident at the start of the year”, reads the company’s statement. “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”, it concluded.

Image Credits: designscene.net

France Companies Fashion Luxury LVMH Quarter Results Results