LVMH Moet Hennessy Louis Vuitton, a leading France-based company in the luxury goods industry, has reported a revenue of €20.7 billion (approximately $21.97 billion) in the first quarter of fiscal 2024 (Q1 FY24). The conglomerate recorded an organic growth of 3 per cent year-on-year (YoY) during this period.
The revenue increase in Europe and the US was particularly noted, with both regions achieving growth on a constant currency and consolidation scope basis. Japan outperformed with double-digit revenue growth, showcasing a significant market recovery. Additionally, the revenue figures reflect strong consumer spending by Chinese customers, who contributed to increased sales in Europe and Japan, bolstering the overall results for the region known as the rest of Asia.
The fashion and leather goods segment, one of LVMH's core divisions, displayed positive momentum with an organic revenue growth of 2 per cent YoY, amounting to €10.490 billion, the company said in a press release.
LVMH reported a Q1 FY24 revenue of €20.7 billion (approximately $21.97 billion), with a 3 per cent organic growth.
Strong gains in Europe, the US, and Japan, along with robust Chinese spending, boosted figures.
The fashion and leather goods segment grew 2 per cent to €10.490 billion, while selective retailing surged 11 per cent to €4.175 billion.#
Meanwhile, the selective retailing segment showed an impressive performance with an organic revenue increase of 11 per cent YoY, bringing its total to €4.175 billion in the first quarter.
Fibre2Fashion News Desk (DP)
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