LVMH $MC (+3,19 %) shows resilience in the first quarter of 2026, even if the bare figures are clouded at first glance by exchange rate effects.
The most important key figures:
Sales: €19.1 billion (Reported: -6%).
Organic growth: +1 %
Currency effect: -7% (massive headwind from the strong euro).
Performance check of the divisions:
Watches & Jewelry (+7 %): The clear growth winner thanks to strong Tiffany collections.
Wines & Spirits (+5%): Recovery in champagne and strong business in China.
Selective Retailing (+4%): Sephora continues to shine with global momentum.
Fashion & Leather Goods (-2 %): The core segment is feeling the effects of the reluctance to spend in the Middle East.
Perfume & Cosmetics (0%): Christian Dior and Guerlain maintain stable levels.
Regional trends:
While Asia (excl. Japan) remains the locomotive with +7% organic growth and the USA (+3%) is up, Europe and Japan both recorded a decline of 3%.
Conclusion for the market:
LVMH demonstrates operational strength in a volatile environment. The organic growth shows that the desirability of the brands is unbroken - only the conversion into euros is currently having a negative impact on the balance sheet. The focus remains on "icons" and strict cost efficiency.
