French luxury group LVMH reports steady revenue in Jan-Sept FY24

LVMH Moët Hennessy Louis Vuitton, the global leader in luxury goods, has reported revenue of €60.8 billion (~$66.3 billion) for the first nine months of fiscal 2024 (FY24). Performance remained stable on a constant consolidation scope and currency basis, despite a challenging economic environment and a strong post-COVID comparison base.

Revenue performance across LVMH’s different business segments reflected varying levels of growth. The Fashion & Leather Goods sector, LVMH’s largest division, generated €29.9 billion (~$32.6 billion) in revenue over the first nine months of 2024 and showed relative stability with a 1 per cent organic decline compared to the same period in 2023.

Brands such as Louis Vuitton and Christian Dior continued to shine, with Louis Vuitton launching innovative new products and Christian Dior maintaining strong momentum with new collections. The Paris 2024 Olympics played a significant role in increasing the visibility of these luxury brands, the group said in a press release.

LVMH's resilience was driven by growth in Europe, the United States, and a robust increase in Japan, although other parts of Asia saw a slowdown in spending. Japan continued to post double-digit growth, while spending by Chinese tourists in Europe and Japan surged. However, the third quarter saw a slight overall revenue decline, mainly due to a lower growth rate in Japan, linked to a stronger yen.

Despite the challenging geopolitical and economic environment, LVMH remains confident in its ability to enhance the desirability of its brands, relying on the quality and authenticity of its products, excellence in distribution, and an agile organisational structure. The group expects to continue reinforcing its global leadership in luxury goods throughout 2024.

Fibre2Fashion News Desk (HU)