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A bright spot

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On the heels of fashion month, French conglomerate LVMH confirmed what the industry has been feeling for months: The luxury sector is slowing. But during its earnings call for the third quarter of 2024, the owner of Dior and Louis Vuitton shared a bright spot amid an overall decline: fragrance. For the first nine months of 2024, LVMH reported a 5% increase in revenue in its perfume and cosmetics division compared to the same period in 2023, reaching €6.1 billion ($6.6 billion) in revenue.

— Read more in Fragrance remains a bright spot at LVMH amid luxury decline at Glossy.

Below analyst consensus

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Shares in the world’s largest luxury group LVMH fell on Wednesday after its second-quarter sales came in below analyst consensus on Tuesday.

LVMH shares were last down by 3.86% at 2:02 p.m. London time. Other luxury sector stocks, including Gucci-owner Kering which is set to report earnings on Wednesday, also retreated.

— Read more in World’s largest luxury group LVMH slumps 4% after second-quarter revenue miss at CNBC.

It was small because we had limited resources

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If there’s a product I can’t do myself because we don’t have the know-how, it means that I can have an idea and LVMH will have the expertise to explore new territories and products. I’m not afraid of being bigger, but I think you need the right people to implement what I am creating.

Marc [Chaya, co-founder] and I never thought we were niche. When you start a company, you start small. We were privately funded from the two of us, as well as a third party, so it was small because we had limited resources.

— Perfumer Francis Kurkdjian on the LVMH acquisition of Maison Francis Kurkdjian. Read more at Perfumer Speaks on Rare LVMH Acquisition at Business of Fashion.

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