French luxury fashion house LVMH Moët Hennessy Louis Vuitton (LVMH) has reported revenue of €18bn ($19.49bn) for the first quarter (Q1) of the fiscal year 2022 (FY22).
This represents a 29% increase from the corresponding period of the previous year.
Driven by double-digit revenue growth in all its business groups except Wines & Spirits, LVMH’s organic revenue increased by 23% during the quarter.
The group also saw double-digit revenue growth in the US and Europe, while its Asian business improved during the quarter despite stricter Covid-19 restrictions.
LVMH’s Fashion & Leather Goods group reported a 35% growth in revenue to €9.12bn, as well as a 30% growth in organic revenue from the prior year.
The company’s Perfumes and Cosmetics business group reported organic revenue growth of 17% compared with a year earlier, while its its Watches and Jewellery unit saw a 19% growth in organic revenue.
LVMH’s Selective Retailing unit witnessed a 24% increase in organic revenue during the three-month period from a year prior.
Its Wines and Spirits business group reported the weakest performance, with organic growth of 2% during the quarter, amid supply chain issues.
These results were despite the resurgence of Covid-19 disruptions in the Chinese market, as well as economic disruption caused by Russia’s invasion of Ukraine.
In a statement, LVMH said: “LVMH had a good start to the year against a backdrop of continued disruption from the health crisis and marked by the dramatic events in Ukraine.
“The LVMH Group is closely monitoring developments in Ukraine and the region.
“Its first priority was to ensure the safety of its employees in Ukraine and to provide them with all the necessary financial and operational assistance.”
Last month, LVMH temporarily closed all 124 of its stores in Russia in response to the country’s invasion of Ukraine.