LVMH Moët Hennessy Louis Vuitton announced on Wednesday revenue of EUR 21 billion (USD 23.16 billion) in the first quarter of 2023, up 17 percent compared to the same period in 2022.
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The owner of luxury brands including Dior and Louis Vuitton said Europe and Japan, up 14 percent and 7 percent, respectively, witnessed “strong growth momentum,” on the back of “robust demand” from local and international shoppers.
The United States, a market which continues to grow, had a steady performance, up 23 percent, while Asia excluding Japan experienced a “significant rebound,” surging 36 percent on last year, following the lifting of health restrictions.
The Parisian company’s other markets region which includes Australia and New Zealand reported 13 percent growth for the three months.
By category, LVMH’s wines and spirits business group recorded revenue growth of 3 percent, while its fashion and leather goods business group recorded 18 percent revenue growth with Asian milestones including the Dior show in Mumbai and the Fendi store openings in Tokyo and Seoul taking place during the quarter.
Both the company’s perfumes and cosmetics business group, and its Watches & Jewelry business group, achieved revenue growth of 11 percent, respectively.
Finally, its selective retailing revenue growth was up 30 percent. In Asia, DFS benefited from the recovery of international travel and, in particular, from the gradual return of travellers to the flagship destinations of Hong Kong and Macao.
“In an uncertain geopolitical and economic context, LVMH remains both vigilant and confident at the start of the year,” said LVMH.
“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.”