LVMH slows down in the first quarter

The luxury goods leader reported lower-than-expected first-quarter sales, down 2% on a reported basis, weighed down by the impact of inflation on demand, and a Chinese market back to normal.

Lvmh is not off to a flying start this year.

On Tuesday, April 16, the world’s number one luxury goods group announced that its sales for the first quarter of 2024 would slow down, with organic growth of 3% and a 2% decline in published figures to 20.69 billion euros (versus 21 billion euros in the first quarter of 2023). The group cites a scope effect of -1% and a currency effect of -4%.

“After 17% last year (in the first quarter 2023, editor’s note), this is really not bad at all. We’re not dissatisfied,” CFO Jean-Jacques Guiony pleaded with journalists.

Nonetheless, the first quarter of 2024 saw a marked slowdown compared with 2023, a year in which Lvmh achieved organic growth of +13% to 86.2 billion euros. In the fourth quarter, organic growth slowed slightly (+10%), but remained above expectations.

Doping effect of the Paris Olympics?

At the time of the announcement of these still flamboyant 2023 results, Bernard Arnault, the Group’s CEO, was “very confident” about 2024. “An exceptional and inspiring year, marked” by its “partnership with the Paris 2024 Olympic and Paralympic Games”.



To continue reading this article, subscribe or log in to your account

Discover our plans

Subscribe for 1€

Become an active member of the community of luxury leaders.


Lire aussi > KERING: CHINA AND BRAND CONTENT TO SAVE THE GUCCI SOLDIER 

Featured Photo: Spring-Summer 2024 campaign © David Sims/Louis Vuitton

Picture of Sophie Michentef
Sophie Michentef
Sophie Michentef has worked for more than 30 years in the professional press. For fifteen years, she managed the French and international editorial staff of the Journal du Textile. She now puts her press, textile, fashion, and luxury expertise at the service of newspapers, professional organizations, and companies.

Subscribe to our Newsletter

Sign up now to receive sneak previews of our programs and articles!

Launch offer:

Your participation in the Camille Fournet Masterclass reserved for annual subscriber !

Luxus Plus Newsletter