THE WHAT? LVMH has beaten industry estimates with its Q3 results thanks to continued demand for high-end handbags as well as champagne.
THE DETAILS Quarterly sales reached €19.8bn, exceeding the predicted €19.1bn.
Organic revenue growth was 19%, in line with the trends observed in the first half of the year, with perfumes and cosmetics reaching €1.9 million in the quarter, while fashion & leather goods hit €9.6 million.
LVMH recorded revenue of €56.5 billion euros in the first nine months of 2022, up 28 percent compared to the same period of 2021.
THE WHY? Europe, the U.S. and Japan were reported to be up in the start of the year thanks to the solid demand of local customers and the recovery in international travel.
According to LVMH: “Perfumes grew sharply due to the continued success of Sauvage, Miss Dior and J’adore, further strengthened by its latest creation Parfum d’Eau. Dior Addict in makeup and Prestige in skincare also contributed to the Maison’s rapid growth.”
Jean Jacques Guiony, LVMH’s Chief Financial Officer, said, “Despite everything going on in the global economy, the demand for our brands remains very vigorous.”