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The Middle East conflict continues to weigh on luxury goods demand, with LVMH management noting the geopolitical environment remains "disrupted" and "amplified" by the ongoing war, which hurt organic revenue by approximately 1% in Q1.
LVMH kicked off Eurozone luxury earnings with a modest disappointment, reporting +1% organic revenue growth versus consensus expectations of +2%. The critical Fashion & Leather division declined -2% (Street expected flat), while Perfumes & Cosmetics came in flat against +1.75% expectations. Selective Retailing rose +4% but missed the +6.2% forecast. Bright spots included Wines & Spirits (+5% vs. -0.85% expected) and Watches & Jewelry (+7% vs. +4.2% expected). Geographically, the US delivered solid +3% organic growth while Europe and Japan each declined -3%, though management cited resilient local demand offsetting lower tourist spending. Asia ex-Japan showed strong +7% growth. The Middle East started positive but weakened after the March conflict escalation.
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