LVMH Moët Hennessy Louis Vuitton, the world’s premier luxury products group, reported a notable 14% organic revenue growth in the first nine months of 2023 compared to the same period in 2022. All business groups, except for Wines & Spirits facing a challenging comparison basis, demonstrated sustained organic revenue growth. Accounting for a negative 4% exchange rate impact, the Group’s overall revenue increased by 10%. Europe, Japan, and the rest of Asia achieved double-digit organic growth, with the third quarter contributing to a 9% organic revenue growth.
| In millions of euros | 9 months 2022 | 9 months 2023 | Change First 9 months 2023 / 2022 | |
|---|---|---|---|---|
| Reported | Organic* | |||
| Wines & Spirits | 5 226 | 4 689 | -10% | -7% |
| Fashion & Leather Goods | 27 823 | 30 912 | +11% | +16% |
| Perfumes & Cosmetics | 5 577 | 6 021 | +8% | +12% |
| Watches & Jewelry | 7 575 | 7 951 | +5% | +9% |
| Selective Retailing | 10 095 | 12 431 | +23% | +26% |
| Other activities and eliminations | 189 | 201 | – | – |
| Total LVMH | 56 485 | 62 205 | +10% | +14% |
The Wines & Spirits business group experienced a decline in revenue (-7% organic) in the first nine months of 2023 due to a high basis of comparison with 2022. Despite more moderate demand in the third quarter, the Champagne business grew, driven by a value-based strategy. Hennessy cognac faced challenges in the United States, influenced by the economic environment, post-Covid demand normalization, and high inventory levels of retailers. LVMH acquired the prestigious Minuty estate among Provence rosé wines.
The Fashion & Leather Goods business group achieved remarkable organic revenue growth of 16% in the first nine months of 2023. Louis Vuitton, with its creative and high-quality products, delivered excellent performance. New designs, including the Tambour, showcased Swiss watchmaking expertise fused with Parisian elegance. Other brands like Christian Dior, Celine, Loewe, and Fendi also contributed to the group’s success, showcasing bold designs and captivating fashion shows.
The Perfumes & Cosmetics business group achieved a 12% organic revenue growth in the first nine months of 2023, driven by innovation and a selective distribution strategy. Christian Dior, Guerlain, and Benefit saw notable growth in fragrances and makeup.
The Watches & Jewelry business group achieved a 9% organic revenue growth, with Tiffany continuing its store renovation program and Bulgari celebrating the 75th anniversary of its Serpenti collection. TAG Heuer and Hublot made significant strides in watchmaking.
In Selective Retailing, organic revenue growth reached 26% in the first nine months of 2023. Sephora excelled, gaining market share and expanding its network, while DFS benefited from the recovery in international travel.
Despite an uncertain economic and geopolitical environment, LVMH expresses confidence in continued growth. The group will focus on enhancing the desirability of its brands, leveraging authenticity, product quality, distribution excellence, and organizational agility. LVMH aims to strengthen its global leadership in the luxury goods market in 2023, relying on powerful brands and the talent of its teams.