As a certified public accountant specializing in the luxury goods industry, I’ve compiled an in-depth comparative analysis of three major luxury conglomerates—LVMH, Richemont, and Kering—based on their IR disclosures as of March 2025.

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📊Executive Summary: Key Performance Metrics

Company	YoY Revenue Growth	Key Highlights
LVMH	▼ 3%	Wines & Spirits ▼9%, Japan ▼1%
Richemont	▲ 4%	Jewelry ▲8%, Watches ▼13%, APAC ▼13%
Kering	▼ 14%	Gucci ▼25%, APAC ▼25%, Japan ▼11%

➡ Richemont was the only company with positive growth in Q1 2025.

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🏛️ LVMH: Stable But Subdued

• Organic Growth: ▼ 3%

Excluding FX effects, LVMH’s organic growth was negative, with Wines & Spirits—including Moët Hennessy—declining sharply. The unit also initiated a 1,200-person downsizing, reflecting operational restructuring.

• Regional Trends

• Japan: ▼1% (stable, considering prior high baseline)
• Europe: ▲2% (continued resilience)

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💎 Richemont: Jewelry Leads the Way

• Total Revenue Growth: ▲ 4%

Richemont posted the strongest performance among the three, with revenue up 4%. Favorable FX hedging likely supported stable topline performance.

• Segment Breakdown

• Jewelry Maisons: ▲8% Despite gold price increases, jewelry prices were successfully adjusted to offset costs.
• Watch Division: ▼13%

• Regional Performance

• APAC: ▼13%
• All other regions: Positive growth

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👜 Kering: Gucci Slump Continues

• Revenue Decline: ▼ 14%

Kering continues to struggle, primarily due to Gucci’s 25% YoY drop. A new creative director, Denham, has been appointed with hopes of a turnaround.

• Regional Breakdown

• APAC: ▼25%
• Japan: ▼11% Currency-fueled demand in prior quarters set a high comparative bar.

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🔮 Market Outlook for FY2025

• Bain & Co. Lower Forecast

Following previous predictions, Bain revised its 2025 global luxury market forecast to a 2–5% decline

• Layoffs Across the Industry

Burberry announced a 20% global headcount reduction (1,700 positions). This may foreshadow broader downsizing trends among major houses.