Luxury retail group LVMH has posted a slight decline in overall reported revenue growth as it continues to trade in an “uncertain” geopolitical and economic environment.


Luxury retail LVMH group remains “vigilant and confident” at the start of the year

LVMH recorded revenue of €20.7bn in the first quarter of 2024, down 2% on a reported basis from €21bn in the first quarter of 2023.

Its fashion and leather goods group, which consists of brands such as Louis Vuitton, Christian Dior and Fendi, saw a 2% dip in reported revenue to €10.5bn, but Louis Vuitton is said to have had a “great start” to the year.

Within its perfumes and cosmetics arm, the group saw a 3% rise in reported revenue driven by its “powerful innovative momentum and selective distribution strategy” with an “excellent performance” from fragrances Sauvage, J’adore and Miss Dior.

LVMH said Sephora again achieved “remarkable growth” while continuing to gain market share, with growth particularly strong in North America, Europe and the Middle East.

Revenue at the group’s watches and jewellery division fell 5%.

LVMH said Europe and the United States achieved growth on a constant currency basis, while Japan recorded double-digit revenue growth. 

The luxury retailer said in a statement: “In an uncertain geopolitical and economic environment, LVMH remains both vigilant and confident at the start of the year. 

“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 will rely 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 2024.”