LVMH announces an excellent start to the year

Organic revenue growth was 17%. LVMH had an excellent start to the year, within a geopolitical and economic environment that remains uncertain.

Europe and Japan, which enjoyed strong growth momentum, benefited from robust demand from local customers and international travellers; the United States, a market which continues to grow, posted a steady performance. Asia experienced a significant rebound following the lifting of health restrictions.

In the first quarter of 2023, the Watches & Jewellery business group achieved revenue growth of 11% (+11% organically). In jewellery, Tiffany & Co had an excellent start to the year. The increasingly successful new Lock jewellery collection continued its worldwide rollout. Bulgari, showing strong growth, celebrated the 75^th anniversary of its iconic Serpenti line. High jewellery enjoyed excellent performance. Chaumet and Fred made remarkable progress. The LVMH watchmaking Maisons maintained excellent momentum and unveiled many new products at the Watches & Wonders trade show, including innovations from TAG Heuer, Hublot and Zenith.

The Wines & Spirits segment saw 3% sales growth in the first quarter of 2023 (+3% organic), while Fashion & Leather Goods posted an 18% sales increase (+18% organic). The Perfumes & Cosmetics division continued to pursue a strategy focused on highly targeted distribution, with sales growth of 11% (+10% organic). In Selective Retailing, revenue growth jumped by 30% (+28% organic).

Within an uncertain geopolitical and economic context, LVMH remains both vigilant and confident in progressing through the second quarter. 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.

April 27, 2023