Christian Dior: Good start to the year for Christian Dior
April 12 2022 - 12:57PM
Christian Dior: Good start to the year for Christian Dior
Good start to the year for Christian
Dior
Paris, April 12th, 2022
The Christian Dior group recorded revenue of 18
billion euros in the first quarter of 2022, up 29% compared to the
same period in 2021. Organic revenue growth was 23%. The Group 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. All business groups achieved double-digit revenue growth,
except for Wines & Spirits, which continued to see supply
constraints. The United States and Europe also achieved
double-digit revenue growth; Asia continued to grow over the
quarter despite the impact of a tightening of health restrictions
in China in March.
The Christian Dior group is closely monitoring
developments in Ukraine and the region. Its first priority was to
ensure the safety of its employees in Ukraine and to provide them
with all the necessary financial and operational assistance.
Revenue by business group:
Euro millions |
Q1 2022 |
Q1 2021 |
% ChangeQ1 2022/Q1 2021 Reported
Organic* |
Wines & Spirits |
1 638 |
1 510 |
+ 8 % |
+ 2 % |
Fashion & Leather Goods |
9 123 |
6 738 |
+ 35 % |
+ 30 % |
Perfumes & Cosmetics |
1 905 |
1 550 |
+ 23 % |
+ 17 % |
Watches & Jewelry |
2 338 |
1 883 |
+ 24 % |
+ 19 % |
Selective Retailing |
3 040 |
2 337 |
+ 30 % |
+ 24 % |
Other activities and eliminations |
(41) |
(59) |
- |
- |
Total |
18 003 |
13 959 |
+ 29 % |
+ 23 % |
* with comparable structure and constant exchange
rates. The structural impact for the Group was almost zero and the
currency effect was +6%.
The Wines & Spirits
business group recorded organic revenue growth of 2% in the first
quarter of 2022 compared to the same period of 2021. The Champagne
business had an excellent start to the year, with volumes rising
sharply, particularly in Europe and Japan, and a firm price
increase policy. Maison Armand de Brignac, which has been 50% owned
by LVMH since May 2021, is included for the first time in the first
quarter accounts. Hennessy cognac saw its volumes decrease compared
to the first quarter of 2021 due to supply and logistical
constraints at the beginning of the year. Glenmorangie whisky and
Belvedere vodka recorded strong growth.
The Fashion & Leather Goods
business group recorded organic revenue growth of 30% in the first
quarter of 2022. Louis Vuitton had an excellent start to the year,
driven as always by its strong creativity. Continuing its
commitment to the development of high-quality craftsmanship, the
Maison inaugurated two new precious leather workshops in France.
Highlights of the quarter included the presentation of Louis
Dreamhouse, Virgil Abloh's final Autumn-Winter 2022 Men's
collection and the Women’s collection of Nicolas Ghesquière, shown
for the first time at the Musée d'Orsay in Paris. Christian Dior
Couture enjoyed another remarkable performance. After two years of
renovation, the historic birthplace of the Maison at 30 Avenue
Montaigne in Paris reopened, in celebration of exceptional
savoir-faire, a passion for couture, refinement and culture, and
offering a new unique holistic experience of Dior’s world. Fendi
recorded solid growth, driven in particular by the success of Kim
Jones’ collections. Celine achieved very strong growth thanks to
the remarkable success of its ready-to-wear and leather goods lines
designed by Hedi Slimane. Loro Piana, Loewe with J.W. Anderson, and
Marc Jacobs all had a very good quarter.
In Perfumes & Cosmetics,
organic revenue growth was 17% in the first quarter of 2022
compared to the same period of 2021. The business group enjoyed
excellent momentum thanks to sustained growth in perfume and
makeup, particularly in the United States. Christian Dior achieved
remarkable growth and gained market share, benefiting from the
progress of its iconic fragrances Sauvage, Miss Dior and J'Adore,
and its makeup. Guerlain successfully rolled out its Aqua Allegoria
line and its new collection of fine perfumery l'Art et la Matière.
Its Abeille Royale skincare line also contributed to the
performance of the Maison. Parfums Givenchy unveiled its new eau de
toilette Fraîche Irresistible. Maison Francis Kurkdjian continued
to see rapid growth.
In the first quarter of 2022, the
Watches & Jewelry business group recorded
organic revenue growth of 19% compared to the same period of 2021.
In jewelry, Tiffany & Co. had an excellent start to the year,
still driven by strong growth in the United States. The new Knot
collection was particularly successful. At Bulgari, the Serpenti
line, high jewelry and watch collections, including the new Octo
Finissimo Ultra watch, were the main drivers of growth. Chaumet and
Fred had an excellent performance in the quarter. All of LVMH's
watchmaking Maisons continued to see strong momentum and unveiled
numerous new products at the Watches & Wonders Exhibition, with
watch innovations from TAG Heuer, Hublot and Zenith.
In Selective Retailing, organic
revenue growth was 24% in the first quarter of 2022 compared to the
same period of 2021. Sephora achieved excellent performance in the
quarter with a strong rebound in the activity in its own store
network, which had been partly closed at the beginning of 2021.
Momentum was particularly strong in North America, France and the
Middle East, driven notably by perfume. DFS’s revenue rose in the
quarter but at a lower level due to the persistent weakness of
international travel.
In the current geopolitical context and in light
of the ongoing impact of the pandemic, the Christian Dior group
remains both vigilant and confident at the beginning of this year.
The Group will continue to pursue its strategy focused on the
development of its brands, driven by strong innovation and
investment as well as a constant quest for quality in its products
and their distribution.
The Group relies on the talent and motivation of
its teams, the diversity of its businesses and the geographical
balance of its revenues to further strengthen its global leadership
position in luxury goods in 2022.
This financial release is available on our
website www.dior-finance.com.
“This document may contain certain forward
looking statements which are based on estimations and forecasts. By
their nature, these forward looking statements are subject to
important risks and uncertainties and factors beyond our control or
ability to predict, in particular those described in Christian
Dior’s Annual Report which is available on the website
(www.dior-finance.com). These forward looking statements should not
be considered as a guarantee of future performance, the actual
results could differ materially from those expressed or implied by
them. The forward looking statements only reflect Christian Dior’s
views as of the date of this document, and Christian Dior does not
undertake to revise or update these forward looking statements. The
forward looking statements should be used with caution and
circumspection and in no event can Christian Dior and its
Management be held responsible for any investment or other decision
based upon such statements. The information in this document does
not constitute an offer to sell or an invitation to buy shares in
Christian Dior or an invitation or inducement to engage in any
other investment activities.”
This document is a free translation into English
of the original French financial release dated April 12th,
2022.
It is not a binding document.
In the event of a conflict in interpretation,
reference should be made to the French version, which is the
authentic text.
- Christian Dior - Ventes T1 2022 VA
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