LVMH posts "excellent start to year" with Q1 sales boosted across all business groups

LVMH has reported revenue growth of 17% to £18.4 billion (€21 billion) for the first quarter of FY23, with the fashion and leather goods segment revealing growth across its fashion superbrands. 

The luxury group saw revenue increase 18% to £9.4 billion (€10.7 billion) for the fashion and leather goods business, with Louis Vuitton posting an "excellent" start to the year. Growth was also driven by Nicolas Ghesquière, Christian Dior and Celine.

The watches and jewellery business recorded revenue growth of 11% to £2.1 billion (€2.5 billion), boosted by luxury brands Chaumet and Fred, Tiffany & Co and Bulgari.

The perfume and cosmetics business group saw revenues rise 11% to £1.8 billion (€2.1 billon), driven by a "remarkable performance" from Christian Dior. Revenue was also helped by Guerlain, Benefit Cosmetics and Fenty Beauty.

The Selective Retailing business group reported revenue up 30% to £3.4 billion (€3.9 billion). This growth was attributed to Sephora as it continued to expand its distribution network, particularly with the opening of its first UK store at Westfield London in March 2023.

By region, Europe and Japan reported "strong" revenue growth, benefiting from demand from local customers and international travellers. The Asian market also experienced a "significant" rebound, following the lifting of health restrictions.

Looking ahead, in an uncertain geopolitical and economic context, LVMH said it remains "vigilant and confident".

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".