Although the positive trend cannot “reasonably be extrapolated for the full year”, LVMH says it benefited from a favourable comparison base, particularly in Europe, where activity was affected in the first quarter of 2016 by the impact of the November 2015 attacks in Paris.

The Fashion & Leather Goods business group achieved 15% growth in the first quarter of 2017, both organic and reported, representing the highest positive change among all divisions. A total revenue of €3,405 million in the period was registered by the division (Q1 2016: €2,965 million), with Louis Vuitton achieving a good start to the year, driven by creative momentum in all of its businesses. “The recent Autumn-Winter show in the Marly courtyard at the Louvre was very well received. Fendi continues its good performance, supported by its leather and ready-to-wear lines. Céline, Kenzo, Loewe and Berluti showed progress. Givenchy announced the arrival of a new Artistic Director. Marc Jacobs continued its product lines changes and its restructuring”, says a statement. Rimowa, which recently joined the LVMH Group, will be consolidated as of the second quarter.

LVMH says it will continue to focus its efforts on developing its brands, maintain strict control over costs and target its investments on the quality, excellence and innovation of its products and their distribution. “The Group will rely on the talent and motivation of its teams, diversification of its businesses and good geographical balance of its revenue to reinforce, once again in 2017, its global leadership position in luxury goods.”