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LVMH Q1 revenue boosted by Sephora UK opening

Sophie Smith
13 April 2023

LVMH has reported revenue growth of 17% to £18.4 billion (€21 billion) for the first quarter of FY23, with an "exceptional performance" from Sephora boosting overall sales. 

The group's selective retailing business saw revenue increase 30% to £3.4 billion (€3.9 billion). This growth was driven by Sephora as it continued to expand its distribution network, particularly with the opening of its first UK store at Westfield London in March 2023.

The perfume and cosmetics business saw revenues rise 11% to £1.8 billion (€2.1 billon), boosted by Christian Dior, Guerlain, Benefit Cosmetics and Fenty Beauty.

Christian Dior boasted a "remarkable performance", driven by its Sauvage, Miss Dior and J’adore fragrances. Makeup and skincare also contributed to the Maison's growth.

The fashion and leather goods business saw revenues increase 18% to £9.4 billion (€10.7 billion), with Louis Vuitton posting an "excellent" start to the year. Growth was also driven by Nicolas Ghesquière, Christian Dior and Celine.

The watches and jewellery business recorded revenue growth of 11% to £2.1 billion (€2.5 billion), boosted by luxury brands Chaumet and Fred, Tiffany & Co and Bulgari.

By region, Europe and Japan reported "strong" revenue growth, benefiting from demand from local customers and international travellers. The Asian market also experienced a "significant" rebound, following the lifting of health restrictions.

Looking ahead, in an uncertain geopolitical and economic context, LVMH said it remains "vigilant and confident".

The group will continue to pursue its strategy focused on the development of its brands, driven by a "sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution".

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