LVMH Moët Hennessy Louis Vuitton recorded a 4% increase in first quarter 2014 revenue to €7.2 billion. Organic revenue growth was 6% compared to the same period in 2013. The company continued to grow in the U.S. and Asia. Growth was strong in Japan in the quarter for reasons specific to that country, and Europe demonstrated resilience in a still challenging economic environment.
In its perfumes and cosmetics division, organic revenue growth was 5% in the first quarter of 2014, with revenue of €941 million. Christian Dior continued to benefit from the excellent dynamics of its iconic perfumes J’adore and Miss Dior. Makeup also contributed to the good performance of the Maison. Guerlain successfully rolled out its high-end skin care range Abeille Royale in Asia and the La Petite Robe Noire fragrance continued its success. Benefit also continued its rapid progress around the world, supported by its innovative product lines, and Fresh expanded rapidly.
In its selective retailing division, organic revenue growth stood at 10% in the first quarter of 2014, with revenue of €2.22 billion. DFS performed well, supported by the ongoing development of tourism in Asia, despite a drop in spending by Japanese tourists due to the weakness of the yen. Macao and Hong Kong destinations recorded strong gains, notably thanks to the excellent start to the year of the Hong Kong International airport concessions. And Sephora continued to gain market share in all regions. Its progress is particularly rapid in Asia, the Middle East as well as North America, where online sales grew strongly. The Marc Jacobs makeup line, exclusively available at Sephora, was successfully rolled out in Europe.
Looking ahead, in an economic environment which remains uncertain in Europe, LVMH will continue to focus its efforts on developing its brands, will maintain a strict control over costs and will target its investments on the quality, the excellence and the innovation of its products and their distribution. The company plans to rely on the talent and the motivation of its teams, the diversification of its businesses and the good geographical balance of its revenue to increase, once again in 2014, its leadership of the global high quality goods market.