Sales of the world’s number one luxury brand have represented 18,000 million euros since the beginning of the year.
World number one in luxury LVMH announced on Tuesday that it achieved 18 billion euros in sales in the first quarter, a jump of 29% compared to the same period of the previous year, continuing its momentum after a record year 2021.
The group in 75”houses“-first of the CAC 40 to reveal its quarterly figures-estimates to be achieved”a good start to the year in an environment still shaken by the health crisis and marked by the dramatic events in Ukraine“. Sales are well above the consensus established by Bloomberg and Factset, which forecast €16.4 billion and €17 billion respectively. The LVMH groupfollows with the greatest attention the development of the situation in Ukraine and in the region“, According to the press release. The luxury giant, owner of the Louis Vuitton, Dior, Céline and Moët & Chandon brands, among others, announced in early March that it was closing “temporarily» its 124 stores in Russia where it has 3,500 employees. “In the current geopolitical context and given the still turbulent health situation, LVMH remains alert and confident at the beginning of the year.“, specifies the press release.
Double-digit sales growth
For this first trimester,With the exception of Wines and Spirits, which still faces supply constraints, all activities achieved double-digit sales growth“, emphasizes the group. Fashion and leather goods, its flagship division, achieved more than 9,000 million in sales in the first quarter, which represents a growth of 35% compared to the first quarter of 2021. LVMH, which never details the turnover of its brands, estimates that Louis Vuitton “have a great start to the year“and that Dior”continued remarkable performance“. Fendi Records “solid progress“and Celine”very strong growth“. The Watches and Jewelry division recorded a turnover of 2,338 million euros (+24%) and Tiffany achieved “a great start to the year».
Perfumes and cosmetics know”excellent momentum thanks to sustained growth in perfumery and makeup, particularly in the United Statesand reach a turnover of 1.9 billion euros (+23%) The Wine and Spirits activity with 1,638 billion (+8%) does not progress as much as the other categories of the group althoughthe champagne business has had an excellent start to the year, with strong growth in volumes, especially in Europe and Japan, and a firm price increase policy“. In Selective Retailing, Sephora achieves “an excellent performance in the quarter with a strong rebound in the activity of its stores, whose network had been partially closed at the beginning of 2021».