Christian Dior: Growth continues at the same pace
Growth continues at the same
pace
Paris, October 11, 2022
The Christian Dior group
recorded revenue of 56.5 billion euros in the first nine months of
2022, up 28% compared to the same period of 2021. Organic revenue
growth was 20%. In the third quarter, organic revenue growth was
19%, in line with the trends observed in the first half of the
year.
Europe, the United States and Japan, up sharply
since the start of the year, benefitted from the solid demand of
local customers and the recovery in international travel. Asia
(including China) saw a lower level of growth over the first nine
months of 2022, though growth in the latest quarter accelerated
there due to the partial easing of health restrictions.
Revenue by business group:
Euro millions |
9 months 2021 |
9 months 2022 |
Change 2022/2021First 9
months Published Organic* |
Wines & Spirits |
4 251 |
5 226 |
+ 23 % |
+ 14 % |
Fashion & Leather Goods |
21 315 |
27 823 |
+ 31 % |
+ 24 % |
Perfumes & Cosmetics |
4 668 |
5 577 |
+ 19 % |
+ 12 % |
Watches & Jewelry |
6 160 |
7 575 |
+ 23 % |
+ 16 % |
Selective Retailing |
7 795 |
10 095 |
+ 30 % |
+ 20 % |
Other activities and eliminations |
(12) |
189 |
- |
- |
Total |
44 177 |
56 485 |
+ 28 % |
+ 20 % |
* with comparable structure and exchange rates.
The structural impact for the Group compared to the first nine
months of 2021 was zero and the currency effect was +8 %.
The Wines & Spirits
business group recorded revenue growth of 23% over the first nine
months of 2022 (14% in organic). The Group's Champagne Maisons
enjoyed excellent momentum, which increased pressure on supplies.
Growth was particularly strong in Europe, the United States and
Japan. Hennessy cognac was driven by its consistent strategy of
value creation. The firm policy of price increases across all
regions offset the effects of the logistical disruptions in the
United States and the impact of health restrictions in China. Moët
Hennessy strengthened its global portfolio of exceptional wines
with the acquisition of the Joseph Phelps vineyard, one of the most
renowned wine properties in Napa Valley, California.
The Fashion & Leather Goods
business group recorded revenue growth of 31% in the first nine
months of 2022 (24% in organic). Louis Vuitton shined again, driven
as ever by an exceptional creativity and the quality of its
products. The latest ready-to-wear fashion shows, designed for
women by Nicolas Ghesquière, enjoyed a tremendous reception. Many
new products were unveiled, in leather goods notably, as well as in
watches. The Tambour Twenty collector's watch, embodied by Bradley
Cooper, ambassador of the Maison was immediately out of stock.
Christian Dior continued to achieve remarkable growth in all its
product lines. After three years of renovations, the historic
birthplace of the Maison at 30 Avenue Montaigne in Paris, which
reopened at the start of the year to offer a new vision of the
Maison Dior, has been overwhelmingly successful. Celine saw very
strong growth resulting from the success of Hedi Slimane’s
creations, as did Loewe, driven by the strong creativity of
J.W.Anderson. Loro Piana maintains good momentum. Fendi, where Kim
Jones brings his talents to the Maison, celebrated the 25th
anniversary of its iconic Baguette bag with an exceptional fashion
show in New York.
With revenue growth of 19% (12% in organic) over
the first nine months of 2022, the Perfumes &
Cosmetics business group maintained its highly selective
distribution strategy. Parfums Christian Dior enjoyed a remarkable
performance, strengthening its lead in all its key markets.
Perfumes grew sharply due to the continued success of Sauvage, Miss
Dior and J’adore, further strengthened by its latest creation
Parfum d’Eau. Dior Addict in makeup and Prestige in skincare also
contributed to the Maison’s rapid growth. Guerlain continued to
grow, due in large part to the vitality of its Abeille Royale
skincare line, its Aqua Allegoria collection and its exceptional
perfume line l’Art et la Matière. Parfums Givenchy benefitted from
the continued success of its fragrances. The Stella skincare line
by Stella McCartney was launched using an innovative environmental
approach, originating from the Group Beauty R&D center.
The Watches & Jewelry
business group recorded revenue growth of 23% (16% in organic) in
the first nine months of 2022. Tiffany & Co. was driven by
strong momentum in the United States. The “Vision & Virtuosity”
exhibition at the Saatchi Gallery in London, celebrating the 185th
anniversary of the House, was a great success. The new collection
of Lock unisex bracelets was rolled out in North America. Bulgari
continued to strengthen its iconic collections. Its new high
jewelry and watch line Eden: The Garden of Wonders was showcased in
Shanghai and Beijing, and the Maison’s jewelry creation and
manufacturing talent were revealed in the film “Inside the Dream”.
Chaumet's "Végétal" exhibition celebrated nature over the course of
the summer in Paris. Fred opened its first retrospective exhibition
at the Palais de Tokyo in Paris, which is a huge success. In the
watch business, TAG Heuer unveiled its new Caliber E4 - Porsche
Edition smart watch and Hublot continued the countdown to the 2022
Football World Cup as its official timekeeper.
In Selective Retailing, revenue
growth was 30% (20% in organic) in the first nine months of 2022.
Sephora enjoyed excellent performance with a strong rebound in its
in-store activity. Momentum was particularly strong in North
America, France and the Middle East. Sephora's omnichannel strategy
received further investment with the aim of continuously improving
the shopping experience of its customers both online and in-store.
DFS for its part was affected by the persistent lack of travel,
owing to ongoing health restrictions in Asia.
outlook
Against an uncertain geopolitical and economic
backdrop, the Christian Dior group is confident in the continuation
of current growth and will maintain a policy of cost control and
selective investment. The Group’s strategy will remain focused on
continuously strengthening the desirability of its brands, by
relying on the authenticity and quality of its products, the
excellence of their distribution and the reactivity of its
organization.
The Group is counting on the dynamic nature of
its brands and the talent of its teams to further strengthen its
global leadership position in luxury goods once again in 2022.
Apart from the items mentioned in this press
release, there have been no events or changes during the quarter
that could significantly affect the Group's financial
structure.
This financial release is available on our
website www.dior-finance.com.
ANNEX
Christian Dior
group – Revenue by business group
and by quarter
2022 Revenue (Euro millions) |
2022 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total |
First quarter |
1 638 |
9 123 |
1 905 |
2 338 |
3 040 |
(41) |
18 003 |
Second quarter |
1 689 |
9 013 |
1 714 |
2 570 |
3 591 |
149 |
18 726 |
First half |
3 327 |
18 136 |
3 618 |
4 909 |
6 630 |
109 |
36 729 |
Third quarter |
1 899 |
9 687 |
1 959 |
2 666 |
3 465 |
79 |
19 755 |
First nine months |
5 226 |
27 823 |
5 577 |
7 575 |
10 095 |
189 |
56 485 |
2022 Revenue (organic growth compared to
the same period of 2021) |
2022 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total |
First quarter |
+ 2 % |
+ 30 % |
+ 17 % |
+ 19 % |
+ 24 % |
- |
+ 23 % |
Second quarter |
+ 30% |
+ 19 % |
+ 8 % |
+ 13 % |
+ 20 % |
- |
+ 19 % |
First half |
+ 14 % |
+ 24 % |
+ 13 % |
+ 16 % |
+ 22 % |
- |
+ 21 % |
Third quarter |
+ 14 % |
+ 22 % |
+ 10 % |
+ 16 % |
+ 15 % |
- |
+ 19 % |
First nine months |
+ 14 % |
+ 24 % |
+ 12 % |
+ 16 % |
+ 20 % |
- |
+ 20 % |
2021 Revenue (Euro millions) |
2021 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total |
First quarter |
1 510 |
6 738 |
1 550 |
1 883 |
2 337 |
(59) |
13 959 |
Second quarter |
1 195 |
7 125 |
1 475 |
2 140 |
2 748 |
23 |
14 706 |
First half |
2 705 |
13 863 |
3 025 |
4 023 |
5 085 |
(36) |
28 665 |
Third quarter |
1 546 |
7 452 |
1 642 |
2 137 |
2 710 |
25 |
15 512 |
First nine months |
4 251 |
21 315 |
4 668 |
6 160 |
7 795 |
(12) |
44 177 |
As table totals are calculated based on
unrounded figures, there may be slight discrepancies between these
totals and the sum of their component figures.
“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 October 11th,
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 T3 2022 VA
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