French luxury group LVMH Moët Hennessy Louis Vuitton has posted revenue of €20.3bn ($23.03bn) in the first quarter (Q1) of 2025.
The company, which owns Louis Vuitton, Dior and Loewe, has managed to sustain its growth trajectory in a challenging geopolitical and economic landscape.
Go deeper with GlobalData
In Europe, there was an increase in sales, up 2% when adjusted for currency and consolidation changes, but the US experienced a downturn with a 3% drop in sales.
This occurred despite strong performances in specific sectors such as fashion and leather goods, and watches and jewellery.
The apparel and leather goods division experienced a marginal dip in Q1 2025, demonstrating robustness when compared to the same period in 2024, which had seen a surge in consumer spending within Japan.
Japan also saw a decrease of 1%, especially when compared to the previous year’s Q1 which had benefited from spending by Chinese consumers.
Performance across the rest of Asia remained largely consistent year-on-year.
The fashion and leather goods segment reported a revenue decrease of 5%, dropping from €10.49bn in Q1 2024 to €10.11bn in Q1 2025.
Louis Vuitton is expanding into cosmetics with the launch of La Beauté Louis Vuitton.
The wines and spirits division experienced a decline, with organic revenue falling by 9% to €1.31bn in Q1 2025 from €1.42bn in Q1 2024.
Champagne sales dipped due to demand normalisation, but Moët & Chandon secured its position as Formula 1’s official champagne.
Cognac sales were impacted by reduced demand in China and the US, while Provence rosé wines have enjoyed a positive start to 2025.
The perfumes and cosmetics division maintained stability during the period, continuing its selective distribution strategy and product launches across fragrances, makeup and skincare.
Selective retailing revenues remained unchanged as Sephora experienced growth driven by in-store sales and network expansion, particularly in North America.
However, DFS faced challenges due to international conditions affecting travel retail operations.
In early 2025, LVMH disclosed a net profit reduction of 17%, totalling €12.55bn for fiscal year 2024 (FY24), alongside a slight revenue drop of 2% from €86.15bn in FY23 to €84.68bn in FY24.
