Even with the pandemic continuing to spread and supply chains snarled around the world, LVMH Moët Hennessy Louis Vuitton saw a 29% spike in its 2022 first-quarter revenue, hitting 18 billion euros (about $19.5 billion) for the first three months of the year, according to a Tuesday (April 12) press release.
Digging a bit further into the numbers, only the Wines and Spirits segment of the business failed to grow by double digits in Q1, with supply chain constraints continuing to hamper that sector. Overall, the company achieved 23% organic growth for the quarter, the release stated.
The Fashion and Leather Goods business group led the way for LVMH with 30% organic revenue growth in Q1, followed by Selective Retailing at 24%, Watches and Jewelry at 19%, Perfumes and Cosmetics at 17% and Wines and Spirits at 2%, according to the release.
“LVMH had a good start to the year against a backdrop of continued disruption from the health crisis and marked by the dramatic events in Ukraine,” the release stated.
The United States and Europe saw double-digit revenue growth while Asia grew amid increased health-related restrictions across China in March, according to the release.
LVMH Group said in the release that it’s “closely monitoring developments in Ukraine and the region” amid the Russia-Ukraine war, noting it has prioritized “the safety of its employees in Ukraine” and is ensuring they have “all the necessary financial and operational assistance.”
Earlier this month, luxury label Off-White announced it now accepts bitcoin, Ethereum, Binance Coin and Ripple cryptocurrency payments at its stores in London, Paris and Milan. Customers can also use stablecoins Tether and USD Coin to buy Off-White products with no payment limit after a fraud check.
Read more: Luxury Label Off-White Embraces Crypto Payments
Last month, Reebok owner Authentic Brands said it added non-fungible token (NFT) and cryptocurrency payments in an effort to bolster the sneaker company following its $2.5 billion purchase.
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