LVMH achieves double-digit growth in most groups

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Even as the pandemic continues to spread and supply chains have worsened around the world, LVMH Moët Hennessy Louis Vuitton recorded a 29% increase in sales in the first quarter of 2022, reaching 18 billion euros. euros (about 19.5 billion dollars) for the first three months of the year. , according to a Tuesday (April 12) Press release.

Digging a little deeper into the numbers, only the company’s Wines and Spirits segment failed to post double-digit growth in the first quarter as supply chain constraints continued to hamper that sector. Overall, the company achieved organic growth of 23% for the quarter, the statement said.

The Fashion and Leather Goods business group paved the way for LVMH with 30% organic revenue growth in Q1, followed by Selective Retailing at 24%, Watches and Jewelry at 19%, Perfumes and Cosmetics at 17% and Wines and Spirits at 2%, according to the press release.

“LVMH had a good start to the year in a context of continued disruption from the health crisis and marked by the dramatic events in Ukraine,” the statement said.

The United States and Europe recorded double-digit revenue growth while Asia advanced amid heightened health restrictions across China in March, the statement said.

LVMH Group said in the statement that it was “closely following developments in Ukraine and the region” amid the Russian-Ukrainian war, noting that it had prioritized “the safety of its employees in Ukraine. ” and ensured that they had “all necessary financial and operational resources”. assistance.”

Earlier this month, luxury brand Off-White announced that it is now accepting payments in bitcoin, Ethereum, Binance Coin and Ripple at its stores in London, Paris and Milan. Customers can also use Tether and USD Coin stablecoins to purchase Off-White products with no payout limit after anti-fraud check.

Read more: Luxury Brand Off-White Embraces Crypto Payments

Last month, Reebok owner Authentic Brands said it had added non-fungible token (NFT) and cryptocurrency payments in a bid to bolster the sneaker company after its $2.5 billion purchase.

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