Lvmh, revenues down 2% to EUR 20.69 billion in Q1

The first quarter slowed down for Lvmh, which closed the period with a 2% drop in revenues to EUR 20.694 billion compared to EUR 21.035 billion in the same quarter last year. The performance was positive by 3% when considering a constant perimeter and exchange rates: the group's press release specified that the structural impact weighed -1% while exchange rates were -4%.

"Lvmh had a good start to the year despite a geopolitical and economic environment that remains uncertain. Europe (+2%) and the US (+2%) grew at constant currency and consolidation area during the quarter; Japan posted double-digit revenue growth (+32%); the rest of Asia (-6%) reflected strong growth in spending by Chinese customers in Europe and Japan," reads the French luxury giant's note.

"In an uncertain geopolitical and economic environment, Lvmh remains vigilant and confident this early in the year. The group will continue to pursue its strategy focused on the development of its brands, guided by a sustained policy of innovation and investment as well as a constant search for the quality of its products, their desirability and their distribution," the statement read.

The fashion and leather goods division closed the first three months of the current financial year with sales of 10.490 billion, down 2% from 10.728 billion in the same period of 2023 (+2% at constant exchange rates). Specifically, Louis Vuitton started the year "excellently, once again supported by the creativity and quality of its products," the statement reads. Christian Dior continued to show 'remarkable creative momentum in all its products. Maria Grazia Chiuri and Kim Jones continued to pay homage to the house's iconic designs, driving Dior's visibility to record levels, with an impressive 390 million views for the live streaming show of its ready-to-wear Women's Winter 2024 collection." As for other brands, the group points out: "Celine's new Arc de Triomphe Collection, designed by Hedi Slimane, continued to elevate the brand's desirability. Loewe launched its first major exhibition in Shanghai, commissioned by Jonathan Anderson, as a tribute to the Maison's Spanish heritage. Fendi expanded its Selleria leather goods line. Loro Piana again recorded excellent momentum in all its product categories. Rimowa and Berluti had a good start to the year'.

The watches and jewellery division posted a 5% decline in the first quarter to 2.466 billion (-2% at constant exchange rates). Tiffany & Co., the group explained, continued the global launch of its new shop concept inspired by The Landmark in New York, where it launched its first exhibition, Culture of Creativity, celebrating the house's long-standing commitment to artistic excellence. Bulgari continued to present the iconic Serpenti and relaunched its B.zero1 collection. It also announced the launch of the Bulgari Foundation, dedicated to the preservation of cultural heritage and craftsmanship and the transmission of expertise in Italy.