LVMH posts Q1 dip
LVMH reported that Q1 2026 revenue fell about 6% amid a tougher geopolitical and economic backdrop. ( ) Despite the dip, the fashion pipeline remains active — Louis Vuitton rolled out a travel‑ready “Flight Mode 2026” collection and Stella McCartney previewed an H&M collaboration built largely from organic, recycled and next‑gen fabrics. ( )
LVMH started 2026 with lower reported sales, posting first-quarter revenue of €19.1 billion, down 6% from a year earlier. (lvmh.com) The company said revenue was up 1% on an organic basis, which strips out currency moves and acquisitions, but foreign exchange cut reported growth by 7 percentage points. LVMH said the conflict in the Middle East reduced quarterly organic growth by about 1 point. (lvmh.com) Fashion and Leather Goods, LVMH’s biggest division and the home of Louis Vuitton and Dior, fell 9% on a reported basis to €9.247 billion and slipped 2% organically. Watches and Jewelry rose 7% organically, Wines and Spirits rose 5%, and Selective Retailing, which includes Sephora, rose 4%. (lvmh.com) The update landed as investors were looking for a stronger rebound in luxury demand after a long slowdown tied to weaker spending in China and pushback against steep price increases after the 2022 boom. Analysts surveyed by FactSet had expected 1.5% organic growth for the quarter. (cnbc.com) LVMH said the United States had a good start to the year, while Europe and Japan got support from local shoppers as tourist spending softened. It also said Asia excluding Japan showed strong growth, extending an improvement that began in the second half of 2025. (lvmh.com) That mix helps explain the quarter: the group’s core brands are still selling, but not evenly across regions, currencies, and customer groups. U.S.-listed shares of LVMH fell more than 4% on April 13 after the results. (cnbc.com) Even with the softer quarter, LVMH’s product pipeline kept moving. Louis Vuitton this week unveiled its Flight Mode 2026 collection, a travel-focused line spanning ready-to-wear, bags, leather goods, shoes, and accessories. (vmagazine.com) Elsewhere in fashion, Stella McCartney previewed a new H&M collaboration ahead of a Spring 2026 launch. H&M said the collection will use certified responsible materials, many of them recycled, and McCartney told Vogue it was designed “almost entirely” with organic, recycled, and next-generation fabrics. (hmgroup.com, vogue.com) LVMH now heads into the rest of 2026 with its biggest business under pressure, but with growth still coming from jewelry, beauty retail, and parts of Asia. The next question is whether that uneven demand turns into a broader luxury recovery by the second quarter. (lvmh.com), (cnbc.com)
