The world’s largest luxury group, LVMH, has recorded a revenue of €20.7 billion (US$22 million) for the first quarter of this year, representing organic revenue growth of 3 per cent, but a 2 per cent drop on a reported basis. 

Sales in Japan achieved the highest growth, surging 32 per cent. Meanwhile, the group’s sales in Asia – which account for 33 per cent of total revenue – dropped 6 per cent, mainly due to the recovery in offshore travel. 

Revenue in the US and Europe rose by 2 per cent.

The French luxury group recorded growth across all business groups except wines & spirits and watches & jewellery, which dropped by 12 per cent and 2 per cent respectively. 

The fashion & leather goods and perfumes & cosmetics business groups reported organic revenue growth of 2 per cent and 7 per cent for the quarter. 

Selective retailing accounted for the highest-growth sector with revenue increasing 11 per cent, however, the group said its DFS business remained below its 2019 pre-Covid level of business activity, with international travel only partially recovering in Europe and at flagship destinations Hong Kong and Macau.

The luxury conglomerate reported a 13 per cent leap in revenue for last year to US$93.5 billion.