The group noted that Europe and Japan showed strong growth in the period, thanks to robust demand from local customers and international travellers. Meanwhile, the U.S. had steady growth and Asia experienced a significant rebound following the lifting of Covid restrictions in China.

The Fashion & Leather Goods business group achieved a reported revenue increase of 18% year-on-year to €10.73 billion in the first quarter.

LVMH noted that Louis Vuitton had an excellent start to the year, particularly with its latest women’s ready-to-wear fashion shoes, designed by Nicolas Ghesquière, while Pharrell Williams was appointed as Men’s Creative Director.

Meanwhile, Christian Dior performed “remarkably well” across all of its products and Fendi opened new stores in Tokyo and Seoul. The group also highlighted that excellent starts to 2023 for Marc Jacobs and Berluti.

Other notable business group results included Watches & Jewellery, which was up by 11% to €2.59 billion, and Selective Retailing, which achieved a 30% increase in reported revenue to €3.96 billion.

LVMH said in its statement: “In an uncertain geopolitical and economic context, LVMH remains both vigilant and confident at the start of the year. The group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution.

“LVMH relies on the talent and motivation of its teams, the diversity of its businesses and the good geographical balance of its revenue to further strengthen its global leadership position in luxury goods in 2023.”