LVMH: 19% growth in the first nine months of 2010
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury group, achieved revenue of €14.2 billion in the first nine months of 2010, an increase of 19% compared to the same period in 2009. With organic revenue growth of 14%, the third quarter confirmed the trends observed since the start of the year. Momentum continued to be very strong in Asia, Europe and America. Louis Vuitton once again achieved double-digit organic revenue growth.
Revenue by business group:
|In million euros||First 9 months 2010||First 9 months 2009||Variation 2010/2009 First 9 months|
|Wines & Spirits||2 148||1 761||+ 22 %||+ 17 %|
|Fashion & Leather Goods||5 464||4 537||+ 20 %||+ 14 %|
|Perfumes & Cosmetics||2 246||1 971||+ 14 %||+ 10 %|
|Watches & Jewelry||687||533||+ 29 %||+ 22 %|
|Selective Retailing||3 713||3 167||+ 17 %||+ 14 %|
|Other activities and eliminations||(48)||(23)||ns||ns|
|Total||14 210||11 946||+ 19 %||+ 14 %|
* with a comparable structure and constant exchange rates.
The Wines & Spirits business group enjoyed a robust rebound in activity during the first nine months of 2010. As distributors’ stocks returned to optimum levels, the performance of the champagne business in the third quarter reflected the good return of consumer demand. Hennessy cognac continued to perform well and saw, in particular, an acceleration of its growth rate in Asia in the third quarter. The Fashion & Leather Goods business group achieved a 20% revenue increase during the first nine months of the year. With double-digit organic revenue growth in the period, Louis Vuitton confirmed its exceptional, global brand appeal. The leather goods lines Monogram and Damier achieved strong growth. A new line will be launched in the fourth quarter. Since the beginning of the year, strong momentum has returned to Fendi and Donna Karan. The other fashion brands achieved good growth during the third quarter. In Perfumes & Cosmetics, revenue grew 14% in the first nine months of 2010. Christian Dior benefited from the worldwide success of its perfumes. The successful roll-out of its lipstick also contributed to the remarkable performance of the brand. The launches of Abeille Royale, Guerlain’s new skincare range, and of the feminine version of Givenchy’s Play, are some of the numerous initiatives that took place in the third quarter. Benefit continued to expand its distribution network into Asia and Europe. The Watches & Jewelry business group recorded revenue growth of 29% in the first nine months of 2010. TAG Heuer continued its successful worldwide expansion and benefited from the new models launched for its 150th anniversary celebration. Hublot gained market share due to the excellent performance of its Big Bang and King Power lines. Zenith’s new collections were very favourably received. The jewelry brands Chaumet, Fred and De Beers also enjoyed strong growth. The Selective Retailing business group achieved revenue growth of 17% in the first nine months of 2010. DFS further benefited from the significant increase in Asian travellers. Sephora recorded comparable store revenue growth in all its regions. The progress in online sales continued. The rhythm of expansion of its store network continued. Outlook The excellent performance of LVMH in the first nine months of the year has confirmed its confidence for 2010. The Group will continue its proactive strategy focused on innovation and targeted geographical expansion in the most promising markets. LVMH will rely on the power of its brands and the talent of its teams to strengthen once again its global leadership position in luxury products. Regulated information related to this press release is available on our internet site www.lvmh.com.