LVMH reported a 2 percent revenue decline with £50.8 billion (€60.8 billion) for the first nine months of 2024 due to geopolitical and economic uncertainties.
The fashion and leather business saw a drop of 3 percent; however, the brands Louis Vuitton and Christian Dior maintained strong visibility over the summer, boosted by the Paris 2024 Olympic and Paralympic games. Meanwhile, Loro Piana, Loewe, and Rimowa continued with solid performances.
Moreover, despite new campaigns from Tiffany & Co and Bulgari, the watches and jewellery business reported a 5 percent decline. However, the perfumes and cosmetics business achieved revenue growth of 2 percent, driven by innovation and a selective distribution strategy. Christian Dior achieved strong results in fragrances, with growth in makeup and skincare, while Givenchy, Guerlain, and Fenty Beauty also saw momentum, especially with Fenty’s new haircare line and expansion in China.
In selective retail, LVMH recorded a 1 per cent increase, with Sephora performing exceptionally well and gaining market share across North America, Europe, and the Middle East. Looking forward, LVMH expressed confidence in navigating the challenging environment, focusing on brand development through continuous innovation, investment, and an unwavering commitment to product quality and desirability.
The update follows LVMH’s recent sale of Off-White to Bluestar Alliance LLC, though the transaction terms were undisclosed.
