LVMH Sales Decline 2% in Q1 2024

LVMH, the world's largest luxury group, reported a 2% decrease in revenue for the first quarter of 2024, totaling €20.311 billion. This is a slight decrease compared to the €20.694 billion recorded during the same period in the previous year. The company cited a complex geopolitical and economic environment as contributing factors.

This downturn mirrors a wider deceleration in the luxury goods sector that began in late 2023. While the perfumes, cosmetics, and selective retailing divisions showed resilience, the wines and spirits segment experienced an 8% drop in sales, falling to €1.350 billion.

The United States market saw a marginal decline, and Japan experienced a decrease due to lower spending by Chinese tourists. Europe, however, sustained positive growth. Despite the challenges, LVMH remains optimistic, emphasizing brand enhancement and innovation as key strategies moving forward.