LVMUY
📉 LVMH reported a 3% organic revenue contraction in Q1 2025 compared to the previous year, indicating a slowdown.
🍷 Key segments showed weakness: Wine & Spirits revenue fell 9% organically, and the crucial Fashion & Leather Goods segment saw a 5% organic decline.
🧐 The speaker expressed disappointment with the lack of detailed information in the earnings report, particularly concerning the performance drivers within the vital Fashion & Leather Goods division.
@bernardodegarcia:
“Our focus right now is the quarterly results of Louis Vuitton. Louis Vuitton… Investors… let me close this that I’m hearing in the background… ready. Ah, Read more… Bernard… Bernard… this is from today, January 2025? No, Bernardo. We are in Investors, yes… investors, investors and analysis… individual shareholders… last trading days with Rights… full results press release… okay, 14th of April, that must be you, press release, read more, good stuff. You don’t have it in PDF? Oh dear. Well, Louis Vuitton, bim bam bom bam, revenue of 20.3 billion dollars. Ah, good resilience and maintained its very powerful innovative momentum despite the current situation. Europe again, eh, achieved constant growth and consolidation. United States saw a slight fall, okay, despite good performance in fashion leather goods and watches and jewelry. Japan, Japan has fallen compared to the first quarter of last year, ah, because, and it has been, let’s say, counteracted, I imagine, with the growth, eh, ah no, of course, people were going, Chinese people were going, the Chinese were going to Japan to buy Louis Vuitton things because the yen was very cheap. Eh, the trends in Asia are similar to 2024. Well, let’s take a look at the numbers. Oof, eh, let’s look at organic, which is what interests us. Wine and spirits, 9% down, terrible suffering, good thing it’s not very important. 5% from fashion leather goods, as you see, well, obviously it’s 50% of the business, eh, suboptimal, right? Ah, they don’t break it down for us here, no? Okay. Ah, perfumery and cosmetics also down -1% organic. Eh, watches and jewelry 0%. Selective retail at minus 1. Alright, well, there we are. We’ve had a contraction of 3%, okay, on a constant consolidation scope on currency bases for the group. Ah no, this is the asterisk, organic. Okay, Wines and Spirits, ah, revenue fell 9% in the first quarter of 2025. Champagne fell, eh, slightly, I can’t select all this because, as I say, I really like analyzing, but translating… there’s no… that is, you have to study a degree to be a translator and interpreter because translating like this, well, it doesn’t make much sense, right? There’s the business group Wines and Spirits, its revenue fell in the first quarter. Champagne dropped slightly, reflecting the normalization in the course of demand. What happened? They were on fire before. Moët recurred as the official podium partner of Formula 1. Cognac was held back by weaker demand in China and the United States, and the portfolio of Brino Rosés from Provence had a good start to the year. Okay. Fashion Leather Goods, the core, I mean, what matters to us because the rest, well, it’s quite good, but it’s like, it’s like Nvidia before AI or, well, now Nvidia like AI. Fashion Leather Goods is what AI represents right now for Nvidia, and before being AI for Nvidia, well, it was, what was it Bernardo? Gaming? Wasn’t it gaming? I don’t remember what it was. Well, ah, it fell slightly in the first quarter, showed good resistance compared to the first quarter of 2024. At Louis Vuitton, 20 years after the iconic collaboration with Takashi Murakami, a collection realized from prêt-à-porter bags by three recognized designers, achieved tremendous success. Okay, true to its spirit of innovation and excellence, the Maison announced the launch of its new cosmetics segment, but we’re already in cosmetics… La V… well, I mean, I’m not going to speak French because I don’t know how to speak French. In March, as title partner of the Grand Prix, the Formula 1, the Won initiated by Melbourne, designing a personalized trophy case to mark the occasion. Hm, hm, okay, they tell us a lot about what they did but little substance, little substance… little substance. The group welcomed a series of new creative directors whose first collections will soon be unveiled. That’s the most significant thing they tell us from all the quarterly results. Little substance in fashion leather goods, I mean, the most important part, they tell us nothing. I don’t know, it worries me. Eh, I don’t know, it talks here about weakness, here there was strength at the beginning of the first quarter, this was good, this was bad, we closed so many stores, we opened so many, our new project of such is in… it tells us nothing. It’s just that the rest doesn’t interest me too much either. Wow, yes, we had the PDF version, there we have it. Well, for those who like it, I like it, but it’s just, it tells me the same thing. Man, well, disappointed, disappointed with the amount of information. I suppose we can… mmm, let’s see for a second, wait, wait, let’s see here for a second.”
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