Luxury giant LVMH reported a solid start to 2024 with overall revenue growth of 3 per cent. While the economic and geopolitical climate remains shaky, LVMH benefited from strong performances in key areas.
Fashion and leather goods, the company's largest division, saw a 2 per cent increase. Louis Vuitton, buoyed by creativity and new collections, led the way. Dior continued its impressive momentum with record-breaking viewership for its fashion show. Celine and Loewe also saw positive results.
The perfumes and cosmetics division grew 7 per cent, driven by innovation and selective distribution. Christian Dior's fragrances and makeup lines thrived, while Guerlain saw success with its new products.
Watches and jewelry dipped slightly (-2 per cent), but Tiffany & Co. continued its global expansion with a successful new store concept and communication campaign. Bulgari showcased its iconic collections and launched a foundation dedicated to cultural preservation.
Sephora, in the selective retailing sector, achieved impressive 11 per cent growth, particularly strong in North America and Europe. DFS, however, remained below pre-pandemic levels due to limited travel recovery.
Looking ahead, LVMH acknowledges the uncertain environment but remains confident. The company will focus on brand development, innovation, product quality, and controlled distribution. With its talented workforce, diverse businesses, and global presence, LVMH aims to solidify its leadership position in the luxury goods market throughout 2024.
