The luxury giant LVMH has registered a turnover of 18 billion euros in first quarter of 2022, up by 29% compared to the same period of 2021 (13,69 billion euros), with a growth of revenues by 23%, exceeding the consensus of +18%.
Il group of 75 "houses" he said in a statement that he had “a good start to the year, albeit in a context still troubled by the health crisis and marked by the dramatic events in Ukraine".
Already closed since March 124 stores in Russia with 3500 employees
LVMH “is closely following the evolution of the situation in Ukraine and in the region,” the statement said. The luxury giant, which owns among others the brands Louis Vuitton, Dior, Celine and Moët & Chandon, Tiffany & Co Bulgari, Loro Piana had already decided at the beginning of March chiusura "temporary" of his own 124 stores in Russiawhere it matters 3.500 employees. "In the current geopolitical context and taking into account the still perturbed health situation, LVMH remains vigilant and confident at the beginning of the year", specifies the group.
Double-digit growth especially in the US and Europe
In the first quarter all activities experienced an increase in sales a double digit both in the United States and in Europe. Asia also continued to grow in the quarter, despite restrictions due to the pandemic in March,” the group points out. The sector is an exception Wines and Spirits, still grappling with supply problems, but still up 8% to 1.638 million euros. In particular “the activity Champagne is having an excellent start to the year, with strong growth in volumes, especially in Europe and Japan, and a firm policy of price increases”.
Fashion and leather goods, its flagship division, achieved revenues of over 9 billion euros in the first quarter (+35% compared to last year). The division Watches and Jewelry recorded a turnover of 2,338 billion euros (+24%) and Tiffany made "an excellent start to the year".
LVMH, which does not disclose the turnover of its brands in detail, says that Louis Vuitton “he's having a great start to the year” and that Dior "He's putting on a remarkable performance." Fendi it is seeing “solid progress” and Celine “very strong growth,” he adds.
Perfumes and cosmetics experienced “an excellent momentum thanks to the sustained growth of perfumes and make-up, particularly in the United States”, achieving a turnover of 1,9 billion euros (+23%).
