Editor’s Note
This article examines LVMH’s Q1 2025 results, highlighting the luxury giant’s resilience amid ongoing global economic and geopolitical headwinds. The analysis considers the impact of factors like US tariffs and China’s economic climate on the sector.
The world’s leading luxury group, LVMH, has just announced its sales revenues for the first quarter of 2025, which ended March 31st. At the end of the year 2024, when the conglomerate was still reporting strong results, revenues showed a slight improvement, offsetting the losses of mid-2024. However, the global geopolitical and economic environment is uncertain due to the US tariffs situation and a difficult economy in China. This has undoubtedly started to affect sales of luxury goods and will continue to do so if clarity doesn’t come back. Yet, in this uncertain situation, LVMH showed a certain resilience for Q1 2025 and maintained strong sales in some business areas, including Watches & Jewelry.
Sales for the group in the first quarter of 2025 are reported at EUR 20,311 million, down 3% compared to the same period in 2024 (EUR 20,694 million).
Looking more closely, sales of Fashion & Leather Goods, which represent about half of the French group’s turnover, are down 5%, and the Wines & Spirits division, a minor business for the group, is down 9%. Regarding our main concern here at MONOCHROME, the Watches & Jewelry section showed surprisingly strong resilience in this complex environment, with sales identical to last year’s Q1 – EUR 2,178 million vs. EUR 2,182 million. LVMH doesn’t break down sales by region in these mid-year reports, yet it would be interesting to see how revenues will evolve over the year in key markets such as the United States and China.
LVMH indicates remaining “both vigilant and confident at the start of the year”.