Russian nationals are estimated to account for less than 1.5% of LVMH’s sales, according to Morgan Stanley. LVMH U.S. sales increased 26%.
The interior park view of the new, larger Louis Vuitton store that opened in NorthPark Center on Saturday, Nov. 14, 2020.LVMH SE posted strong revenue growth as the world’s largest seller of luxury goods defied disruptions from the war in Ukraine and the resurgence of Covid-19 in China, a potential harbinger for the rest of the industry.
First-quarter sales advanced 23% on an organic basis to 18 billion euros , led by LVMH’s biggest unit, fashion and leather goods, the Paris-based company said late Tuesday. Analysts had expected a gain of 17%. Led by billionaire founder Bernard Arnault, LVMH is the first European luxury-goods maker to publish revenue for the period. The owner of Louis Vuitton and Dior was buoyed by resilient demand in the U.S. and Europe.
”The stellar 1Q highlights their geographical and business reach and lack of reliance on any one group, considering the disruption to current trading in China,” wrote Swetha Ramachandran, who manages GAM’s Luxury Brand Equity Fund, in response to a Bloomberg query. The wine and spirits unit was the only division not to grow at double digits due to supply constraints, notably for its Hennessy cognac, where volume decreased 18% during the period. LVMH partially offset the drop in volume with price increases, said Chris Hollis, who oversees investor relations, during the call.
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