The French luxury conglomerate LVMH Moët Hennessy Louis Vuitton has reported a revenue of €20.3 billion (~$21.75 billion), reflecting a 3% organic decline year-over-year (YoY), which fell short of analysts’ predictions of a 2% decrease.
Regionally, the largest drop in total revenue came from Asia (excluding Japan), which experienced an 11% YoY decline. The United States followed with a 3% drop, despite witnessing strong performance in the Fashion and Leather Goods segment. In contrast, Europe was the only region to register growth, achieving a 2% increase in organic revenue, maintaining consistent consolidation scope and currency. Japan saw a slight decline of 1% compared to Q1 2024, a period that had benefited from robust Chinese consumer spending. The other parts of Asia displayed trends similar to those of 2024.
Asia (excluding Japan) remained the largest source of overall revenue for LVMH, contributing 30%, although this was down from 33% in Q1 2024. The United States increased its contribution to 24%, up from 23% in the same quarter the previous year. Europe (excluding France) remained stable at 15%, while France’s contribution rose to 8% from 7%. Japan maintained its share at 9%, and other markets accounted for 14%, an increase from 13% a year earlier.
The Fashion and Leather Goods division, which includes notable brands like Louis Vuitton and Dior, reported a 5% decline in sales, attributed to shifts in creative direction and softer demand in key markets. In Q1 2025, Louis Vuitton announced a successful collaboration with Japanese artist Takashi Murakami, alongside the introduction of highly sought-after collections by Nicolas Ghesquière and Pharrell Williams. Highlights included the launch of the LV Biker and All In bags, as well as the debut of La Beauté Louis Vuitton, as stated in a press release from LVMH.
Christian Dior Couture continued to thrive, presenting inspiring fashion shows featuring collections by Maria Grazia Chiuri, and successfully launching new leather goods lines such as the Dior Toujours and D-Journey bags.
Loro Piana saw solid growth, particularly in China, highlighted by its first exhibition at the Museum of Art Pudong in Shanghai. Celine introduced its new creative director, Michael Rider, who is set to unveil his inaugural collection and new bag in July. Loewe underwent a leadership transition, welcoming Jack McCollough and Lazaro Hernandez as the new creative directors after JW Anderson’s departure. The brand hosted the Crafted World exhibition in Tokyo, launched new leather goods in Madrid, and opened a flagship CASA Loewe store in Shanghai.
Fendi marked its 100th anniversary with a special fashion show in Milan, while Givenchy showcased its first collection under Sarah Burton during the Fall/Winter fashion show. Berluti celebrated its 130th anniversary with a new brand animation and the introduction of new brand ambassadors, as reported in the release.
