In the third quarter, the slight decline in revenue mainly arose from lower growth seen in Japan, essentially due to the stronger yen, though Japan saw the greatest single-region growth at 36% year-on-year.

LVMH Moët Hennessy Louis Vuitton (LVMH Group) recorded revenue of €60.8bn in the first nine months of 2024, which it viewed as a stable performance on a constant consolidation scope and currency basis, despite the current context and a high basis of comparison, and following several years of exceptional post-covid growth.

Overall organic revenue growth across the business remained flat, and Wines & Spirits saw the biggest decline at -8% (to €4.1bn) following a similar trend to the previous year’s reporting ,where organic revenue dipped 7% ( €4.6bn) for the category across the first nine months of the reporting period.

Europe and the United States posted slight growth on a constant consolidation scope and currency basis; Japan continued to achieve double-digit revenue growth; the rest of Asia reflected in particular the strong growth in spending by Chinese customers in Europe and Japan.

Travel Retail

For the travel retail channel, LVMH Group’s selective retailing business saw declining growth per quarter, though the 6% overall growth year-on-year for the group was the highest among the five major business groups (Wines & Spirits; Fashion & Leather Goods; Perfumes & Cosmetics; Watches & Jewellery; Selective Retailing).

DFS Group revenue was still held below 2019 levels, as it was in the first half of 2024, though similarly saw good performance in Japan and the US, which was offset by performance in Europe, Hong Kong and Macao.

In a release, LVMH said its intent for Q424 was to take advantage of the ongoing travel rebound, while staying vigilant in the context of ongoing macro and geopolitical uncertainties through innovation, selective investment, and cost management practices.

LVMH also pointed to positive developments in the construction of its Galleria in Yalong Bay on the island of Hainan.

Europe and the United States posted slight growth on a constant consolidation scope and currency basis; Japan continued to achieve double-digit revenue growth; the rest of Asia reflected in particular the strong growth in spending by Chinese customers in Europe and Japan.

The Wines & Spirits business group saw a revenue decline (-8% organic) in the first nine months of 2024.

Champagne was down, reflecting the ongoing normalization of post-Covid demand, but remained significantly higher than in 2019.

Hennessy cognac was held back by weak local demand in the Chinese market, while the United States saw a return to growth in the second quarter, in a market that remained cautious.

LVMH offered an overview of the shifting performance of its core business groups, which came up against significant headwinds globally.

The Fashion & Leather Goods business group, was broadly stable on an organic basis over the first nine months of 2024, and showed good resilience and gained market share.

Louis Vuitton and Christian Dior enjoyed high visibility over the summer with the Paris 2024 Olympic and Paralympic Games, with Louis Vuitton especially able to capitalise on its popularity within GTR.

The Perfumes & Cosmetics business group achieved organic revenue growth of 5% in the first nine months of 2024, driven by its innovation strategy and selective distribution policy. Christian Dior achieved a solid performance, while Givenchy and Sauvage continued to achieve solid growth.

The Watches & Jewellery business group saw a slight 3% decline on an organic basis in the first nine months of 2024, as LVMH focused on developing its offerings for Tiffany & Co, Bulgaria, and several of its other brands, such as TAG Heuer and Fred.

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