French high-quality products group LVMH Moët Hennessy Louis Vuitton has reported revenues of €21bn ($23bn) in the first quarter (Q1) of fiscal year (FY) 2023.
The figure reflects a 17% “organic” increase in the company’s revenues from €18bn ($19bn) in Q1 of FY22.
The highest revenues were recorded in the firm’s ‘Fashion & Leather Goods’ business group alone, with revenues of €10.7bn ($11.7bn) recorded in Q1 of FY23.
The business group amounts to an 18% organic increase from the €9.1bn ($10bn) revenues registered in Q1 of FY22.
Revenues also increased by 11% (around 10% organically) in the Q1 FY23 for the Perfumes & Cosmetics business group. This segment focuses mainly on a selective distribution strategy.
For the same period of FY23, the group’s Watches & Jewellery business group saw organic growth of 11% in revenues of €2.58bn.
The Jewellery segment Tiffany & Co is also preparing for an upcoming re-launch of the Landmark in New York, marking an ‘excellent’ start to FY23.
LVMH’s Wines & Spirits business group registered a 3% organic growth in revenue of €1.6bn ($1.7bn) in Q1 of FY23.
This increase has been attributed to the continuation of the Wines & Spirits segment’s ‘value creation strategy’.
‘Selective Retailing’ recorded a 30% (28% organic) revenue increase for Q1 FY23.
LVMH said that this rise in revenues has given the company an “excellent start” to FY23.
The company saw an increased momentum in the European and Japanese markets, which primarily benefited from the increase in demand from local customers and travellers from across the globe.
LVMH claimed that a “significant rebound” was recorded in Asia, especially after the [Covid-19] health restrictions were lifted.
Meanwhile, the group’s US market witnessed a “steady” performance.