LVMH First Quarter Organic Revenue Increased by 6%

  LVMH First Quarter Organic Revenue Increased by 6%

Business Wire

PARIS -- April 9, 2014

LVMH Moët Hennessy Louis Vuitton, the world’s leading high quality products
group, recorded a 4% increase in first quarter 2014 revenue to 7.2 billion
Euros. Organic^* revenue growth was 6% compared to the same period in 2013.

The Group continued to grow in the United States and Asia. Growth was strong
in Japan in the quarter for reasons specific to that country. Europe
demonstrated resilience in a still challenging economic environment. Louis
Vuitton had an excellent start to the year, while Wines & Spirits were
impacted by the current situation of destocking in China.

Revenue by business group:

                                                       % Change
In million euros                    Q1 2014   Q1 2013**   Q1 2014 / Q1 2013
                                                       Reported  Organic*
Wines & Spirits                    888      967        - 8 %     - 3 %
Fashion & Leather Goods            2 639    2 383      + 11 %    + 9 %
Perfumes & Cosmetics               941      932        + 1 %     + 5 %
Watches & Jewelry                  607      608        0 %       + 5 %
Selective Retailing                2 222    2 113      + 5 %     + 10 %
Other activities and eliminations  (91)     (90)       -       -
Total                              7 206    6 913      + 4 %     + 6 %

* with comparable structure and constant exchange rates. The structural impact
of integrating Loro Piana is +3% and the exchange rate impact is -5%.
**Restated to reflect the application of IFRS 10 and 11 on consolidation (see

The Wines & Spirits business group recorded a decrease in organic revenue of
3% in the first quarter of 2014, a trend explained by the performance of
cognac in China, linked to current destocking by retailers. However, its
dynamic presence in certain segments of the Chinese market and its solid
growth in the United States contributed to the resilience of cognac in the
quarter. Other spirits, Glenmorangie and Belvedere, recorded good growth in
volumes. Champagne experienced a good start to the year. The prestige
vintages, in particular, recorded strong growth.

The Fashion & Leather Goods business group recorded organic revenue growth of
9% in the first quarter of 2014. Louis Vuitton was propelled by a strong
creative momentum. The first show of its new artistic director, Nicolas
Ghesquière, was enthusiastically received. New models in the iconic Monogram
line were very successful, while the leather lines continue their development.
Other fashion brands continue to grow. The quarter was marked by the opening
of flagship stores in Munich for Fendi and in London for Céline. Loro Piana,
whose activity is consolidated for the first time this quarter, delivered a
remarkable performance.

In Perfumes & Cosmetics, organic revenue growth was 5% in the first quarter of
2014. Christian Dior continued to benefit from the excellent dynamics of its
iconic perfumes J’adore and Miss Dior. Make-up also contributed to the good
performance of the Maison. Guerlain successfully rolled out its high-end
skincare range, Abeille Royale, in Asia. La Petite Robe Noire fragrance goes
from success to success. Benefit continued its rapid progress around the
world, supported by its innovative product lines, and Fresh expanded rapidly.

The Watches & Jewelry business group recorded organic revenue growth of 5% in
the first quarter of 2014. Performance through owned boutiques was good. The
numerous innovations at TAG Heuer, Hublot and Zenith presented at the World
Watch and Jewelry Show in Basel, received a warm welcome from distributors.
Bulgari celebrated its 130^th anniversary with the opening of its renovated
flagship boutique in Rome’s Via dei Condotti, and enriched its offer with new
creative and iconic collections.

In Selective Retailing, organic revenue growth stood at 10% in the first
quarter of 2014. 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. Sephora continues 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
make-up line, exclusively available at Sephora, was successfully rolled out in

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
Group will 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.

During the quarter and to date, no events or changes have occurred which could
significantly modify the Group’s financial structure.

Regulated information related to this press release and presentation available
on our internet


LVMH – Revenue by business group

                                   Q1 2013    Q1 2013
In million euros
                                   restated*  reported
Wines & Spirits                    967        979
Fashion & Leather Goods            2 383      2 383
Perfumes & Cosmetics               932        932
Watches & Jewelry                  608        624
Selective Retailing                2 113      2 122
Other activities and eliminations  (90)       (93)
Total                              6 913      6 947

*Restated to reflect the application of IFRS 10 and 11 on consolidation. These
IFRS redefine the concept of the control of entities, eliminating the
possibility to use proportionate consolidation to consolidate jointly
controlled entities which will be accounted for only using the equity method.


LVMH Moët Hennessy Louis Vuitton is represented in Wines and Spirits by a
portfolio of brands that includes Moët & Chandon, Dom Pérignon, Veuve Clicquot
Ponsardin, Krug, Ruinart, Mercier, Château d’Yquem, , Château Cheval Blanc,
Hennessy, Glenmorangie, Ardbeg, Wen Jun, Belvedere, 10 Cane, Chandon, Cloudy
Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle, Newton et
Numanthia. Its Fashion and Leather Goods division includes Louis Vuitton,
Céline, Loewe, Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Donna Karan,
Marc Jacobs, Berluti, Nicholas Kirkwood and Loro Piana. LVMH is present in the
Perfumes and Cosmetics sector with Parfums Christian Dior, Guerlain, Parfums
Givenchy, Parfums Kenzo, Perfumes Loewe as well as other promising cosmetic
companies (BeneFit Cosmetics, Make Up For Ever, Acqua di Parma and Fresh).
LVMH is also active in selective retailing as well as in other activities
through DFS, Sephora, Le Bon Marché, la Samaritaine and Royal Van Lent. LVMH's
Watches and Jewelry division comprises Bulgari, TAG Heuer, Chaumet, Dior
Watches, Zenith, Fred, Hublot and De Beers Diamond Jewellers Ltd, a joint
venture created with the world’s leading diamond group.

"Certain information included in this release is forward looking and is
subject to important risks and uncertainties and factors beyond our control or
ability to predict, that could cause actual results to differ materially from
those anticipated, projected or implied. It only reflects our views as of the
date of this presentation. No undue reliance should therefore be based on any
such information, it being also agreed that we undertake no commitment to
amend or update it after the date hereof.”


Analysts and investors:
Chris Hollis
+ 33 1.4413.2122
DGM Conseil
Michel Calzaroni/Olivier Labesse/Sonia Fellmann/Hugues Schmitt
+ 33 1.4070.1189
Hugh Morrison
+ 44.773.965 5492
Carlo Bruno&Associati
Michele Calcaterra/Mateo Steinbach
+39 02.8905.5101
Kekst & Company
James Fingeroth/Molly Morse/Anntal Silver
+1 212.521.4800
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