Paris (April 12, 2022). Luxury Goods company LVMH Moët Hennessy Louis Vuitton recorded revenue of E18bn in the first quarter of 2022, up 29% compared to the same period in 2021, against a backdrop of continued disruption from the health crisis and marked by the dramatic events in Ukraine. Organic revenue growth was 23%.
All business groups achieved double-digit revenue growth, except for Wines & Spirits, which continued to see supply constraints. The Wines & Spirits business group recorded organic revenue growth of 2% in the first quarter of 2022 compared to the same period of 2021.
Hennessy Cognac saw its volume decrease by 18% compared to the first quarter of 2021 due to supply and logistical constraints in the US at the beginning of the year, the timing of Chinese New Year and Covid lockdowns in China. The company offset some of the volume declines by taking price increases. In the US, the Hennessy business suffered from tight inventories in its core VS business and shipping disruptions between France and the US.
The Champagne business had a good start to the year, with volumes rising sharply (+14%), particularly in Europe and Japan, and a firm price increase policy. These markets benefitted from the re-opening of the on-trade.
Glenmorangie whisky and Belvedere vodka recorded strong growth.
Within Selective Retailing, DFS’s revenue rose in the quarter but at a lower level due to the persistent weakness of international travel.
