LVMH (MC) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was €60.8 billion, stable organically despite a challenging macro environment and high comparison base, with reported revenue down 2% due to currency and scope impacts.

• Growth continued in Europe and the US, Japan achieved double-digit gains, while Asia (excluding Japan) saw declines and Chinese demand weakened in H2.

• Segment performance was mixed, with Selective Retailing and Perfumes & Cosmetics growing, while Wines & Spirits, Fashion & Leather Goods, and Watches & Jewelry declined.

• Management remains confident in long-term luxury demand, especially from China, despite current cyclical downturns and macroeconomic uncertainty.

Financial highlights

• Total revenue for 9M 2024 was €60.8 billion, down 2% reported and flat organically year-over-year.

• Wines & Spirits revenue: €4.2 billion, down 8% organic, 11% reported.

• Fashion & Leather Goods: €29.9 billion, down 1% organic, 3% reported.

• Perfumes & Cosmetics: €6.1 billion, up 5% organic, 2% reported.

• Watches & Jewelry: €7.5 billion, down 3% organic, 5% reported.

• Selective Retailing: €12.6 billion, up 6% organic, 1% reported.

Outlook and guidance

• Management expects demand to recover as consumer confidence rebounds, especially in China, and remains focused on innovation, brand investment, and cost control.

• The group aims to reinforce its global leadership in luxury goods in 2024 and benefit from the travel rebound.

• Cost control will be adjusted to match sales trends, with margin protection a priority.