Luxury group LVMH has reported resilience in its first quarter despite a 3% decline in organic revenue. By ILM.

For the first quarter of 2025, the company brought in €20.31 billion, falling short of analyst expectations of €21.21 billion and down 2% on a reported basis.

The company faced headwinds across several key markets, with Asia (excluding Japan) experiencing an 11% drop in sales, the U.S. down 3% and Japan slipping 1%. Europe was the only region to post growth, with a modest 2% increase. ​

The Fashion & Leather Goods division saw a 5% decline in organic revenue, totalling €10.1 billion. While Louis Vuitton outperformed the division average, Dior underperformed slightly.

Other segments also faced challenges: Wines & Spirits declined by 9%, Perfumes & Cosmetics by 1% and Selective Retailing by 1%. The Watches & Jewellery segment remained stable. ​

Concerns over U.S. tariffs have been prominent, but LVMH noted stable U.S. sales in March outside of beauty and liquor. The company is considering expanding its U.S. production capabilities, with Louis Vuitton already manufacturing a third of its U.S. leather goods locally. ​