LVMH revenues rise by 17% in Q1

LVMH, one of the world’s leading high quality products groups, has reported that revenues rose by 17% to €21bn (£18.5bn) in the first quarter of 2023. 

It comes as the group benefited from a significant rebound in the Asia region following the lifting of health restrictions. Europe and Japan both enjoyed “strong growth momentum” while the US had a “steady performance.” 

In the fashion and leather goods division, sales stood at €10.7bn (£9.4bn), an increase of 18% compared to last year. 

The Perfumes and Cosmetics division and the jewellery and watches division both performed similarly, with a revenue growth of 11%. In jewellery, Tiffany & Co. had an excellent start to the year as preparations were made for the upcoming reopening of the Landmark in New York. 

Selective Retailing experienced revenue growth of 30%, with Sephora in particular benefitting from the recent expansion of its first physical store in the UK. 

In the official statement, LVMH said: “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. 

“LVMH relies on the talent and motivation of its teams, the diversity of its businesses and the good geographical balance of its revenue to further strengthen its global leadership position in luxury goods in 2023.”