The group also reported “organic revenue growth”, which it notes is on a constant consolidation scope and currency basis. Quarterly organic revenue growth was 3%.

The Fashion & Leather Goods business group was down 2% year-on-year in the quarter to €10.49 billion (up 2% organic), while Watches & Jewelry fell by 5% (down 2% organic) to €2.47 billion. Meanwhile, Selective Retailing was up 5% (up 11% organic) to €4.16 billion.

LVMH highlighted that Europe and the U.S. achieved growth on a constant currency and consolidation scope basis over the quarter, while Japan recorded double-digit revenue growth and the rest of Asia reflected increases in spending by Chinese customers in Europe and Japan.

Looking forward, the group said: “In an uncertain geopolitical and economic environment, 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.”