Revenue at luxury fashion and alcohol conglomerate Moët Hennessy Louis Vuitton (LVMH) jumped by 17% to €21.04 billion in the first quarter of 2023 as the end of Covid-19 restrictions in Asia led to a rebound in demand.
Long lockdowns had led to a decline in revenue from wealthy Asian customers, but the company said it saw a “significant rebound” in Asia in Q1. Revenue in Japan jumped by 34%, while in the rest of Asia it was up by 14%.
Fashion continued to bring in the majority of the Paris-based giant’s revenue, at €10.73 billion, thanks to the success of brands including Louis Vuitton, Marc Jacobs and Loro Piana.
LVMH’s selective retailing arm, including beauty shop Sephora and some travel retail brands that were hit hard by the pandemic, was its fastest-growing division. Sephora opened a shop in Westfield during the quarter, marking its return to the UK after a 17-year absence.
Revenue was up across all divisions, though its wines and spirits arm saw only 3% growth, as the company said the economic environment in the US hit sales of Hennessey, leading to a decline in cognac and spirits sales.
LVMH boss Bernard Arnault is widely considered to be the world’s richest man, with a fortune of just under $200 billion, overtaking Elon Musk last year after Tesla shares lost almost 70% of their value in the space of nine months.
Most of Arnault’s net worth comes from his stake in LVMH, through a combination of shares held directly and those owned by fellow fashion giant Dior, which Arnault also owns.
In total, Arnault owns almost half of LVMH.
