Strength to Strength: LVMH Bulls Through Q1 2023
With China?s reopening, the world's largest luxury conglomerate grew by 17 per cent which amounted to ?21 billion.
The post Strength to Strength: LVMH Bulls Through Q1 2023 appeared first on LUXUO.
Many companies worldwide have welcomed the reopening of China’s economy in the post-pandemic era. In particular, the luxury sector, which had suffered from muted growth in 2022, is finally reaping the effects of a resurgence in spending from the Chinese. As one of the first luxury groups to share its Q1 results, LVMH reported a 17 per cent growth in organic revenue compared to the same period in 2022. Over the past three months ending 31 March, the conglomerate totalled ?21 billion in global sales.
LVMH, the parent company of major luxury brands like Louis Vuitton, Dior, and Tiffany & Co., saw most of its business groups record double-digit organic revenue growth. Its Selective Retailing sector, which comprises Sephora and DFS, saw the most significant increase at 30 per cent (?3.9 billion). Trailing behind is the Fashion & Leather Goods sector at 18 per cent growth (?10.7 billion), followed by Perfumes & Cosmetics and Watches & Jewellery which both grew by 11 per cent. However, its Wines & Spirits sector only saw a marginal growth of 3 per cent, which the group cited “softer economic environment” as the prevailing cause of the slowed growth.
Rosé from Blackpink wearing the Tiffany Lock Collection.
Looking at LVMH’s Q...
The post Strength to Strength: LVMH Bulls Through Q1 2023 appeared first on LUXUO.
Many companies worldwide have welcomed the reopening of China’s economy in the post-pandemic era. In particular, the luxury sector, which had suffered from muted growth in 2022, is finally reaping the effects of a resurgence in spending from the Chinese. As one of the first luxury groups to share its Q1 results, LVMH reported a 17 per cent growth in organic revenue compared to the same period in 2022. Over the past three months ending 31 March, the conglomerate totalled ?21 billion in global sales.
LVMH, the parent company of major luxury brands like Louis Vuitton, Dior, and Tiffany & Co., saw most of its business groups record double-digit organic revenue growth. Its Selective Retailing sector, which comprises Sephora and DFS, saw the most significant increase at 30 per cent (?3.9 billion). Trailing behind is the Fashion & Leather Goods sector at 18 per cent growth (?10.7 billion), followed by Perfumes & Cosmetics and Watches & Jewellery which both grew by 11 per cent. However, its Wines & Spirits sector only saw a marginal growth of 3 per cent, which the group cited “softer economic environment” as the prevailing cause of the slowed growth.
Rosé from Blackpink wearing the Tiffany Lock Collection.
Looking at LVMH’s Q...
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