Is the luxury boom waning? LVMH reports organic revenue growth of 3 percent for Q1 2024

Is the luxury boom waning? LVMH reports organic revenue growth of 3 percent for Q1 2024

THE WHAT? LVMH has reported its results for the first quarter of fiscal 2024. The luxury conglomerate delivered modest organic revenue growth of 3 percent, which it branded ‘a good start’ to the year.  

THE DETAILS In terms of revenue change by business group, Selective Retailing and Perfumes & Cosmetics were the best performers, up 11 percent and 7 percent respectively. The Fashion & Leather Goods unit put on 2 percent while Watches & Jewelry dipped 2 percent and Wines & Sprits dove 12 percent.

In regional terms, LVMH said that Europe and the US achieved growth on a constant currency and consolidation scope basis over the quarter; Japan recorded double digit growth and the rest of Asia reflected the strong growth in spending by Chinese customers in Europe and Japan.

THE WHY? LVMH referenced the uncertain geopolitical and economic environment and said it will rely on the diversity of its businesses, good geographical balance and talent and motivation of its teams to strengthen its global leadership position of the luxury goods sector in 2024.

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