LVMH Moët Hennessy Louis Vuitton, the world leader in luxury products, has released its financial report for the first quarter of 2024, showcasing a strong performance despite the ongoing uncertainty in the geopolitical and economic landscape. With a revenue of €20.7 billion and an organic revenue growth of 3%, LVMH has demonstrated a positive start to the year.
Various regions contributed to LVMH’s success. Europe and the United States achieved growth when considering constant currency and consolidation scope, while Japan experienced double-digit revenue growth. Furthermore, the rest of Asia reflected the increasing spending power of Chinese customers in both Europe and Japan, driving growth in the region.
The Perfumes & Cosmetics business group played a significant role in LVMH’s performance, achieving organic revenue growth of 7%. This growth can be attributed to the group’s powerful innovative momentum and selective distribution strategy. Christian Dior, a prominent brand under the LVMH umbrella, delivered excellent results, fueled by the continued success of its iconic fragrances such as Sauvage, J’adore, and Miss Dior. The new Parfum edition of Miss Dior also yielded remarkable outcomes.
The relaunch of Rouge Dior in the makeup segment and the success of the Capture skincare line further contributed to the rapid growth of the Maison. Guerlain, another brand within the group, experienced buoyant demand for its Aqua Allegoria fragrances, enriched with the introduction of a new Florabloom version. Additionally, the success of Terracotta in makeup and the new Abeille Royale creams further contributed to Guerlain’s growth. Parfums Givenchy also saw a boost from the expansion of its L’Interdit fragrance, while Maison Francis Kurkdjian achieved solid growth driven by its iconic Baccarat Rouge 540 fragrance.
In the Selective Retailing segment, LVMH witnessed an impressive organic revenue growth of 11% during the first quarter of 2024. Sephora, a leading beauty retailer owned by LVMH, continued to exhibit remarkable growth, consistently gaining market share. The growth was particularly strong in North America, Europe, and the Middle East. Sephora’s store network continued to expand, with a particular focus on North America. However, DFS, LVMH’s travel retail business, remained below its pre-Covid level of business activity in 2019. The recovery of international travel in Europe and flagship destinations such as Hong Kong and Macao has been only partial, affecting DFS’s performance.
