LVMH third quarter sales fall 3% due to China’s weight

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October 15, 2024 at 5:52 p.m.

French luxury giant LVMH announced a 3% drop in third-quarter sales on Tuesday as rising prices and economic uncertainty dampened purchases.

The world’s largest luxury group’s revenue was 19.08 billion euros ($20.8 billion) for the three months ending in September, down 3% on an organic basis. , excluding the effect of currencies, acquisitions and disposals.

According to Barclays, this figure is lower than the consensus estimate of 2% organic growth.

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LVMH Moët Hennessy Louis Vuitton SE is the world leader in luxury products. Turnover by product family is broken down as follows: – fashion and leather goods (48.9%): brands Louis Vuitton, Kenzo, Celine, Fendi, Marc Jacobs, Givenchy, etc. ; – watches and jewelry (12.7%): brands Bulgari, TAG Heuer, Zenith, Hublot, Chaumet, Fred, Tiffany, etc. ; – perfumes and cosmetic products (9.6%): perfumes (brands Christian Dior, Guerlain, Loewe, Kenzo, etc.), makeup products (Make Up For Ever, Guerlain, Acqua di Parma, etc.), etc. ; – wines and spirits (7.7%): champagnes (brands Moët & Chandon, Mercier, Veuve Clicquot Ponsardin, Dom Pérignon, etc.; world no. 1), wines (Cape Mentelle, Château D’Yquem, etc.), cognacs (notably Hennessy; world no. 1), whiskey (notably Glenmorangie), etc. The balance of turnover (21%) mainly concerns selective distribution activity carried out through the Sephora, DFS chains and the Le Bon Marché and La Samaritaine department stores. At the end of 2023, product marketing will be ensured through a network of 6,097 stores around the world. The geographical distribution of turnover is as follows: France (7.9%), Europe (16.4%), Japan (7.3%), Asia (30.8%), United States (25.3%) and others (12.3%).

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