THE WHAT? LVMH has recorded a 17 percent revenue rise in Q1 2023 to 21 billion euros, citing an ‘excellent start to the year.’
THE DETAILS The company reported organic growth of 17 percent, with perfume & cosmetics up 11 percent on a reported basis, while fashion & leather goods were up 18 percent.
Geographically, Europe and Japan enjoyed strong growth momentum, which is said to benefit from ‘robust demand from local customers and international travelers’; the United States had a steady performance while Asia experienced a rebound following the lifting of health restrictions.
THE WHY? The luxury company saw solid growth thanks to a rebound in Chinese demand, progress in the U.S. and bolstered confidence, despite a “geopolitical and economic environment which remains uncertain.”
The post LVMH 2023 Q1 revenue up 17 percent year on year; cites ‘excellent start to the year’ appeared first on Global Cosmetics News.
