News 
The world’s leading high-quality products group recorded revenue of €20.3 billion in the first quarter of 2025. LVMH showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment.
Europe once again achieved growth on a constant consolidation scope and currency basis. The United States saw a slight decline, despite a good performance in Fashion & Leather Goods and in Watches & Jewellery. Japan was down with respect to the first quarter of 2024, which had been boosted by strong growth in Chinese consumer spending in the country. The rest of Asia saw trends comparable to 2024.
The Watches & Jewellery business group was stable in the first quarter of 2025. Tiffany & Co. continued the successful expansion of its iconic lines and the global rollout of its new store concept inspired by The Landmark in New York. Bulgari showcased the iconic Serpenti, in particular through immersive art exhibitions in Shanghai and Seoul, kicking off celebrations of the Year of the Snake. Chaumet rejuvenated and celebrated its Bee de Chaumet collection, which reinterprets the symbol of the bee. Creative momentum remained strong in watchmaking, with a wide range of innovations by TAG Heuer, Hublot and Zenith presented in New York and Paris at the sixth LVMH Watch Week. Among other highlights of the quarter, TAG Heuer returned as Official Timekeeper of Formula 1, enjoying high visibility starting with the Australian Grand Prix.
The Wines & Spirits business group saw its revenue decline (-9% on an organic basis) in the first quarter of 2025. The Fashion & Leather Goods business group, which was down slightly in the first quarter of 2025, showed good resilience with respect to the first quarter of 2024, which had been boosted by strong growth in purchases in Japan. The Perfumes & Cosmetics business group, which was stable in the first quarter of 2025, continued to reinforce its selective distribution policy and maintained its solid innovative momentum in fragrances, makeup and skincare. In Selective Retailing, revenue was stable in the first quarter of 2025.
In a disrupted geopolitical and economic environment, LVMH remains both vigilant and confident at the start of the year.
April 24, 2025