LVMH Reports 2% Growth in Q1 2024 Despite Challenges


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The world’s largest luxury group, controlled by the family of billionaire Bernard Arnault, revealed that its fashion and leather goods business experienced a 2% growth in the first quarter (Q1) of 2024, amounting to €10.49 billion on an organic basis. This figure represents a notable decline compared to the 18% surge seen in the previous year, signaling a challenging performance for the company renowned for owning brands like Louis Vuitton and Tiffany.

LVMH disclosed that like-for-like sales in Asia, excluding Japan, decreased by 6% during the first three months of the year, while revenues in the US and Europe saw a 2% increase. On the other hand, sales in Japan soared by 32%, boosted by a weaker yen. The company attributed the fluctuating sales figures to cautious consumer spending due to rising prices and high interest rates.

Addressing the current economic uncertainties, LVMH expressed both vigilance and confidence as it embarks on the new year. The company emphasized its commitment to advancing its brands through innovation, substantial investments, and a relentless pursuit of quality in its products, their appeal, and their distribution channels.

LVMH Reports 2% Growth in Q1 2024 Despite Challenges

Despite sector-wide concerns, LVMH’s stock has experienced an 11% decline over the past year, reflecting broader market apprehensions.

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