French luxury goods company LVMH Moet Hennessy Louis Vuitton revealed on Monday that its revenue in the first quarter amounted to €20.3 billion, declining by 2% compared to the same period a year before.
Most profit came from fashion and leather goods, which earned LVMH €10.1 billion. The sharpest annual decline of 9% was seen in wines and spirits. Among markets, Europe was the only region that observed growth, with an increase of 2%.
"Europe once again achieved growth on a constant consolidation scope and currency basis. The United States saw a slight decline, despite a good performance in Fashion & Leather Goods and in Watches & Jewelry. Japan was down with respect to the first quarter of 2024, which had been boosted by strong growth in Chinese consumer spending in the country. The rest of Asia saw trends comparable to 2024," the company said in the report.
