Luxury retail group LVMH has recorded a slight dip in revenue, despite Sephora continuing to perform strongly.
In the first quarter of 2025, revenue fell 2% on a reported basis from €20.7bn to €20.3bn, in what the group said was a “disrupted geopolitical and economic environment.”
Across fashion and leather goods, which houses brands such as Louis Vuitton, Christian Dior, Fendi and Loewe, revenue fell 4% to €10.1bn.
Sales were flat across perfume and cosmetics at €2.17bn. LVMH said it maintained its “solid innovative momentum in fragrances, makeup and skincare”, with successful lines including Eau de Parfum J’adore and Dior Homme by Christian Dior.
The Selective Retailing arm also reported flat sales in the first quarter at €4.18bn, but Sephora continues to grow despite being against a “particularly high basis of comparison”.
Watches and jewellery grew 1% to €2.48bn, with Tiffany & Co recording a strong performance due to its expansion of product lines and global rollout of a new store concept.
Across markets, Europe achieved growth on a constant currency basis, the US recorded a slight sales decline, while Japan sales were also down.
In a statement, LVMH said: “In a disrupted geopolitical and economic environment, LVMH remains both vigilant and confident at the start of the year.
“The group remains focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their selective distribution.
“LVMH will rely on the talent and motivation of its teams, the diversity of its businesses and the good geographic balance of its revenue to further strengthen its global leadership position in luxury goods in 2025.”
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