LVMH revenues up 3% in Q1 despite economic uncertainty
The luxury group noted that demand in China had fallen 6% in the first three months of the year
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Luxury group LVMH has reported a revenue growth of 3% to €20.7bn (£17.7bn) in the first quarter of 2024, marking a good start to the year despite “a geopolitical and economic environment that remains uncertain”.
This comes as its European and US markets achieved 2% growth on a constant currency over the quarter, while Japan recorded 32% revenue growth due to an influx of Chinese tourist shoppers.
Sales at the group’s fashion and leather goods division, which includes Christian Dior and Louis Vuitton, rose by 2% on an organic basis to €10.5bn (£8.9bn) in the first quarter.
However, the group noted that demand in China had fallen 6% in the first three months of the year.
Sales also fell year-on-year in the group’s watches and jewellery division, as Tiffany had “suffered quite a bit from its exposure to aspirational American customers”.
LVMH’s wines and spirits division was the weakest performer, with like-for-like sales falling 12% in the first quarter, following declines at the end of last year as global demand for champagne fell.
