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LVMH’s Q1 Sales Slip 2 Percent
LVMH CFO Cécile Cabanis also discussed the effects of tariffs so far.
A shot from the advertising campaign for LVMH-owned Bulgari’s “Eden the Garden of Wonders” high jewelry collection. LVMH’s jewelry and watch sales were flat on an organic basis in the first quarter of the company’s fiscal year.
Paris—LVMH reported declining revenue in the first quarter, with its watch and jewelry division serving as the only somewhat bright spot.
The luxury conglomerate said Monday that Q1 revenue slipped 2 percent (3 percent on an organic basis) to €20.31 billion ($23.03 billion).
Its wine and spirits division saw the steepest decline at 8 percent (9 percent on an organic basis) followed by the fashion and leather goods division, down 4 percent (5 percent on an organic basis).
LVMH’s watch and jewelry division was the only category to report sales growth, albeit only slight growth.
Quarterly sales of watches and jewelry rose 1 percent (flat on an organic basis) to €2.48 billion ($2.81 billion).
“LVMH showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment,” the company said.
On an earnings call Monday, LVMH Chief Financial Officer Cécile Cabanis said the company did not see a major change in trends due to tariffs in Q1.
“Now, it’s true that aspirational clientele is always more vulnerable in less positive economic cycles,” she noted. “It might have had some impact in recent weeks.”
Looking to the United States, sales in the region fell slightly.
“Despite the context of uncertainty preceding the tariffs announcement, American demand for fashion and leather goods and watches and jewelry remained well-oriented and accelerated modestly compared to the second half of last year,” Cabanis said.
The U.S. remains LVMH’s second-largest market (24 percent of total revenue) behind Asia, up from 23 percent in the previous first quarter.
Europe posted growth on a constant currency basis.
Sales in Japan fell year-over-year against tough comps, with LVMH noting that last year’s Q1 sales were boosted by strong growth in Chinese consumer spending in the country. The rest of Asia followed trends similar to last year.
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The luxury conglomerate said Monday that Q1 revenue slipped 2 percent (3 percent on an organic basis) to €20.31 billion ($23.03 billion).
Its wine and spirits division saw the steepest decline at 8 percent (9 percent on an organic basis) followed by the fashion and leather goods division, down 4 percent (5 percent on an organic basis).
LVMH’s watch and jewelry division was the only category to report sales growth, albeit only slight growth.
Quarterly sales of watches and jewelry rose 1 percent (flat on an organic basis) to €2.48 billion ($2.81 billion).
“LVMH showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment,” the company said.
On an earnings call Monday, LVMH Chief Financial Officer Cécile Cabanis said the company did not see a major change in trends due to tariffs in Q1.
“Now, it’s true that aspirational clientele is always more vulnerable in less positive economic cycles,” she noted. “It might have had some impact in recent weeks.”
Looking to the United States, sales in the region fell slightly.
“Despite the context of uncertainty preceding the tariffs announcement, American demand for fashion and leather goods and watches and jewelry remained well-oriented and accelerated modestly compared to the second half of last year,” Cabanis said.
The U.S. remains LVMH’s second-largest market (24 percent of total revenue) behind Asia, up from 23 percent in the previous first quarter.
Europe posted growth on a constant currency basis.
Sales in Japan fell year-over-year against tough comps, with LVMH noting that last year’s Q1 sales were boosted by strong growth in Chinese consumer spending in the country. The rest of Asia followed trends similar to last year.
As for LVMH’s jewelry brands, Tiffany & Co. continued to roll out its new store concept, inspired by “The Landmark,” its New York City flagship.
The brand highlighted the success of several lines, including “Tiffany T,” “Lock,” “Hardwear,” and “Knot.”
Bulgari highlighted its “Serpenti” line through immersive art exhibitions in Shanghai and Seoul, celebrating the Year of the Snake.
It opened a new flagship store in Milan, inaugurated its watchmaking workshop in Switzerland, and extended its manufacturing capacities in Valenza, Italy.
Chaumet refreshed its “Bee de Chaumet” collection, which reinterprets the symbol of the bee.
As for its watch brands, TAG Heuer, Hublot, and Zenith presented their new timepieces in New York and Paris during the sixth LVMH Watch Week.
TAG Heuer is once again the official timekeeper of Formula 1, starting at the Australian Grand Prix.
Looking to the year ahead, LVMH did not provide specific guidance, but said the company will remain “vigilant and confident” in the face of an “disrupted geopolitical and economic environment.”
“LVMH will rely on the talent and motivation of its teams, the diversity of its businesses and the good geographic balance of its revenue to further strengthen its global leadership position in luxury goods in 2025,” the company said.
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