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Old news

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Shares of LVMH plunged 7.8% on Tuesday, losing its position as the world’s largest luxury firm to rival Hermès after an unexpected decline in first-quarter sales. LVMH reported a 3% year-on-year fall in first-quarter sales in a trading update published shortly after the market close on Monday, missing consensus analyst expectations for slight growth.

[...] LVMH shares on course for the worst session since March 2020. A 0.2% increase in the share price of Hermès saw the Birkin bag-maker’s market capitalization surpass that of LVMH.

— I meant to post this news when it came out in mid-April but I didn't! If you still want to know, read more in Luxury LVMH dethroned by Hermès as world’s most valuable luxury stock after sales miss at CNBC, or see LVMH perfume and cosmetics sales remain flat at The Industry.

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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