LVMH: Organic revenue growth of 14% in the first nine months of
2023
Paris, October 10, 2023
LVMH Moët Hennessy Louis Vuitton, the world’s
leading high-quality products group, recorded organic revenue
growth of 14% in the first nine months of 2023 compared with the
same period in 2022. All business groups reported sustained organic
revenue growth over the period, with the exception of Wines &
Spirits, faced with a high basis of comparison. After taking into
account the negative 4% exchange rate impact, revenue for the Group
was up 10%. Europe, Japan and the rest of Asia achieved
double-digit organic growth. In the third quarter, organic revenue
growth came to 9%.
Change in revenue by business group
In millions of euros |
9 months 2022 |
9 monts 2023 |
Change First 9 months
2023/2022 |
|
|
|
Reported |
Organic* |
Wines & Spirits |
5 226 |
|
4 689 |
|
-10% |
|
-7% |
|
Fashion & Leather Goods |
27 823 |
|
30 912 |
|
+11% |
|
+16% |
|
Perfumes & Cosmetics |
5 577 |
|
6 021 |
|
+8% |
|
+12% |
|
Watches & Jewelry |
7 575 |
|
7 951 |
|
+5% |
|
+9% |
|
Selective Retailing |
10 095 |
|
12 431 |
|
+23% |
|
+26% |
|
Other activities and eliminations |
189 |
|
201 |
|
- |
|
- |
|
Total LVMH |
56 485 |
|
62 205 |
|
+10% |
|
+14% |
|
* On a constant consolidation scope and currency basis. For the
Group, the impact of changes in scope with respect to the first 9
months of 2022 was nil; the impact of exchange rate fluctuations
was -4%.
The Wines & Spirits
business group saw a revenue decline (-7% organic) in the first
nine months of 2023, faced with a high basis of comparison with the
same period in 2022. Driven by its value-based strategy, the
Champagne business grew over the period, despite more moderate
demand in the third quarter. Hennessy cognac was affected in the
United States by the economic environment, the post-Covid
normalization of demand and the continued high inventory levels of
its retailers. Among Provence rosé wines, LVMH acquired the
prestigious, world-leading Minuty estate.
The Fashion & Leather Goods
business group achieved organic revenue growth of 16% in the first
nine months of 2023. Louis Vuitton delivered an excellent
performance, once again buoyed by the creativity and quality of its
products, and by its strong ties to art and culture. Many new
designs were unveiled in leather goods and watches, in particular
the new Tambour, a fusion of Swiss watchmaking expertise and Louis
Vuitton’s Parisian elegance. Following the immense enthusiasm
generated in July by the first show of new Men’s Creative Director
Pharrell Williams, held on the Pont-Neuf bridge in Paris, Nicolas
Ghesquière’s boundless creativity continued to captivate audiences,
with the Women’s Spring/Summer 2024 ready-to-wear show held at the
Maison’s future location at 103 avenue des Champs-Élysées.
Christian Dior continued to deliver remarkable growth in all its
product categories. Fashion shows curated by Maria Grazia Chiuri
and Kim Jones gave center stage to excellent craftsmanship in
freshly elegant collections. The Dioriviera collection was unveiled
throughout the summer in a series of spectacular pop-up stores
around the world. Victoire de Castellane’s new high jewelry
collection, Les Jardins de la Couture, was inspired by two worlds
very dear to Christian Dior’s heart: couture and gardens. Celine
continued to enhance its desirability, driven by the success of
Hedi Slimane’s designs and fashion shows. Loewe’s growth continued
to be driven by J.W. Anderson’s bold, creative leadership and by
the success of the latest new leather goods designs. Loro Piana saw
strong growth and launched the first capsule collection made with
recycled cashmere. Fendi expanded its retail network. Rimowa, Marc
Jacobs and Berluti all turned in an excellent performance.
The Perfumes & Cosmetics
business group achieved organic revenue growth of 12% in the first
nine months of 2023, driven by its powerful innovative momentum,
and maintained its highly selective distribution strategy.
Christian Dior achieved a remarkable performance, extending its
lead in its key markets. Fragrances saw major growth, carried by
the success of women’s scents Miss Dior and J’adore, which was
enriched with Francis Kurkdjian’s latest creation, L’Or de J’adore,
and the continued worldwide success of Sauvage. Dior Addict in
makeup and Prestige in skincare also contributed to the Maison’s
rapid growth. Guerlain continued to grow, driven in particular by
its popular Aqua Allegoria scents and premium fragrance collection
l’Art et la Matière, as well as the excellent response to its
Terracotta Le Teint makeup. Parfums Givenchy was buoyed by its
fragrances’ ongoing success. Benefit’s growth was driven by the
successful launch of its new Fan Fest mascara and the popularity of
Pore Care.
The Watches & Jewelry
business group achieved organic revenue growth of 9% in the first
nine months of 2023. Following the successful reopening of “The
Landmark”, its iconic New York store, Tiffany continued its store
network renovation program, in Tokyo in particular, where two new
exceptional stores were opened, in the Ginza and Omotesando
districts. The new Lock collection continued to be rolled out
worldwide and expanded to new jewelry categories, and the second
part of the Blue Book: Out of the Blue high jewelry collection was
launched. Bulgari, which experienced strong growth, celebrated the
75th anniversary of its iconic cross-category Serpenti collection.
To mark the occasion, a new exhibition was held in Dubai after the
Shanghai, New York and Seoul shows that took place in the first
half of the year. High jewelry, which saw the launch of the
Mediterranea collection, turned in an outstanding performance.
Chaumet held its A Golden Age: 1965-1985 retrospective
exhibition in the historic salons of its 12 Vendôme location, while
Fred unveiled Audacious Blue, the Maison’s first lab-grown blue
diamonds, with both Maisons posting strong growth. In watchmaking,
highlights of the quarter included the opening of TAG Heuer’s
flagship store in New York and Hublot’s appointment as the Official
Timekeeper for the FIFA Women’s World Cup in Australia.
In Selective Retailing, organic
revenue growth was 26% in the first nine months of 2023. Sephora
performed exceptionally well and continued to gain market share,
with particularly strong momentum in North America, Europe and the
Middle East. Its distribution network continued to expand,
particularly in the United Kingdom, where a second store is due to
open soon, following the huge success of its first store opening at
the beginning of the year. DFS benefited from the gradual recovery
in international travel and, in particular, from the return of
tourists to the flagship destinations of Hong Kong and Macao. Le
Bon Marché, which is growing steadily, continued to develop
innovative concepts and benefit from a loyal French customer base
as well as a return of international travelers.
OUTLOOKIn an uncertain economic
and geopolitical environment, the Group is confident in the
continuation of its growth and will maintain a strategy focused on
continuously enhancing the desirability of its brands, drawing on
the authenticity and quality of its products, excellence in
distribution and agile organization.
LVMH will draw on its powerful brands and the
talent of its teams to further strengthen its global leadership in
the luxury goods market in 2023.
Apart from the information mentioned in this
press release, during the quarter and to date, no events or changes
have occurred that could significantly modify the Group’s financial
structure.Regulated information related to this press release and
presentation available at www.lvmh.com
Details from the webcast on the publication of
revenue for the third quarter of 2023 is available at
www.lvmh.com
ANNEX LVMH – Revenue by business group and
by quarter
Revenue for 2023 (in millions of
euros) |
2023 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activitiesand eliminations |
Total |
First quarter |
1 694 |
10 728 |
2 115 |
2 589 |
3 961 |
(52) |
21 035 |
Second quarter |
1 486 |
10 434 |
1 913 |
2 839 |
4 394 |
140 |
21 206 |
First half |
3 181 |
21 162 |
4 028 |
5 427 |
8 355 |
87 |
42 240 |
Third quarter |
1 509 |
9 750 |
1 993 |
2 524 |
4 076 |
113 |
19 964 |
First nine months |
4 689 |
30 912 |
6 021 |
7 951 |
12 431 |
201 |
62 205 |
Revenue for 2023 (organic growth versus same period in
2022) |
2023 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activitiesand eliminations |
Total |
First quarter |
+3% |
+18% |
+10% |
+11% |
+28% |
- |
+17% |
Second quarter |
-8% |
+21% |
+16% |
+14% |
+25% |
- |
+17% |
First half |
-3% |
+20% |
+13% |
+13% |
+26% |
- |
+17% |
Third quarter |
-14% |
+9% |
+9% |
+3% |
+26% |
- |
+9% |
First nine months |
-7% |
+16% |
+12% |
+9% |
+26% |
- |
+14% |
Revenue for 2022 (in millions of euros) |
2022 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activitiesand eliminations |
Total |
First quarter |
1 638 |
9 123 |
1 905 |
2 338 |
3 040 |
(41) |
18 003 |
Second quarter |
1 689 |
9 013 |
1 714 |
2 570 |
3 591 |
149 |
18 726 |
First half |
3 327 |
18 136 |
3 618 |
4 909 |
6 630 |
109 |
36 729 |
Third quarter |
1 899 |
9 687 |
1 959 |
2 666 |
3 465 |
79 |
19 755 |
First nine months |
5 226 |
27 823 |
5 577 |
7 575 |
10 095 |
189 |
56 485 |
As table totals are calculated based on unrounded figures,
there may be discrepancies between these totals and the sum of
their component figures.
LVMH
LVMH Moët Hennessy Louis Vuitton is represented
in Wines and Spirits by a portfolio of brands that includes Moët
& Chandon, Dom Pérignon, Veuve Clicquot, Krug, Ruinart,
Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château
Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg,
Belvedere, Woodinville, Volcán de Mi Tierra, Chandon, Cloudy Bay,
Terrazas de los Andes, Cheval des Andes, Newton, Bodega Numanthia,
Ao Yun, Château d’Esclans, Château Galoupet and Joseph Phelps. Its
Fashion and Leather Goods division includes Louis Vuitton,
Christian Dior, Celine, Loewe, Kenzo, Givenchy, Fendi, Emilio
Pucci, Marc Jacobs, Berluti, Loro Piana, RIMOWA, Patou. LVMH is
present in the Perfumes and Cosmetics sector with Parfums Christian
Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes Loewe,
Benefit Cosmetics, Make Up For Ever, Acqua di Parma, Fresh, Fenty
Beauty by Rihanna, Maison Francis Kurkdjian and Officine
Universelle Buly. LVMH's Watches and Jewelry division comprises
Bulgari, Tiffany & Co., TAG Heuer, Chaumet, Zenith, Fred and
Hublot. LVMH is also active in selective retailing as well as in
other activities through DFS, Sephora, Le Bon Marché, La
Samaritaine, Groupe Les Echos, Cova, Le Jardin d’Acclimatation,
Royal Van Lent, Starboard Cruise Services, Belmond and Cheval Blanc
hotels.
“This document may contain certain forward
looking statements which are based on estimations and forecasts. By
their nature, these forward looking statements are subject to
important risks and uncertainties and factors beyond our control or
ability to predict, in particular those described in LVMH’s
Universal Registration Document which is available on the website
(www.lvmh.com). These forward looking statements should not be
considered as a guarantee of future performance, the actual results
could differ materially from those expressed or implied by them.
The forward looking statements only reflect LVMH’s views as of the
date of this document, and LVMH does not undertake to revise or
update these forward looking statements. The forward looking
statements should be used with caution and circumspection and in no
event can LVMH and its Management be held responsible for any
investment or other decision based upon such statements. The
information in this document does not constitute an offer to sell
or an invitation to buy shares in LVMH or an invitation or
inducement to engage in any other investment activities.”
LVMH CONTACTS
Analysts and investors Rodolphe Ozun LVMH+ 33 1 44
13 27 21 |
Media Jean-Charles Tréhan LVMH + 33 1 44 13 26
20 |
MEDIA CONTACTS |
|
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Italy Michele Calcaterra / Matteo Steinbach SEC
and Partners + 39 02 6249991 |
UK Hugh Morrison / Charlotte McMullen Montfort
Communications + 44 7921 881 800 |
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+ 1 212 333 3810 |
China Daniel Jeffreys Deluxewords +
44 772 212 6562 + 86 21 80 36 04 48 |
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