LVMH continues its run into 2023 with sales of 21.03 billion euros in the first quarter. The luxury giant recorded an organic increase of 17%, similar to the organic growth of 2022, whereas in the fourth quarter of 2022, it had only grown by 9%.
Over the period, its sales were driven mainly by the fashion and leather goods division (+18% to 10.7 billion) and selective distribution (Sephora, etc.), which soared by 30% (+28% on a like-for-like basis) to 3.9 billion, thanks to the strong rebound in China and the rest of Asia, while sales in the United States continued to remain stable.
“Asia is experiencing a significant rebound following the lifting of health restrictions,” the group noted in a statement.
With the lifting of anti-Covid measures at the end of the year, China is in fact showing the beginnings of normalisation, which over the first three months has benefited the LVMH fashion and leather goods division in particular.
The group’s sales in Asia (excluding Japan) increased by 14% between January and March 2023 compared to the same period a year earlier, representing 36% of its total revenues.
By the fourth quarter of 2022, sales in this region had fallen by 8%, remaining flat for the year as a whole.
