Christian Dior: Christian Dior shows good resilience in the current context
October 15 2024 - 12:31PM
UK Regulatory
Christian Dior: Christian Dior shows good resilience in the current
context
Christian Dior shows good resilience in the current
context
Paris, October 15, 2024
The Christian Dior group
recorded revenue of €60.8 billion in the first nine months of
2024, stable on a constant consolidation scope and currency basis
despite the current context and a high basis of comparison,
following several years of exceptional post-Covid growth. Europe
and the United States posted slight growth on a constant
consolidation scope and currency basis; Japan continued to achieve
double-digit revenue growth; the rest of Asia reflected in
particular the strong growth in spending by Chinese customers in
Europe and Japan.
In the third quarter, the slight decline in revenue mainly arose
from lower growth seen in Japan, essentially due to the stronger
yen.
Revenue by business group changed as
follows:
In millions of euros |
9 months 2023 |
9 months 2024 |
Change:
First 9 months
2024/2023
Reported
Organic* |
Wines & Spirits |
4 689 |
4 193 |
-11% |
-8% |
Fashion & Leather Goods |
30 912 |
29 922 |
-3% |
-1% |
Perfumes & Cosmetics |
6 021 |
6 148 |
+2% |
+5% |
Watches & Jewelry |
7 951 |
7 536 |
-5% |
-3% |
Selective Retailing |
12 431 |
12 559 |
+1% |
+6% |
Other activities and eliminations |
201 |
395 |
- |
- |
Total |
62 205 |
60 753 |
-2% |
+0% |
* On a constant consolidation scope and currency basis. For
the Group, the impact of changes in scope with respect to the first
nine months of 2023 was -1%; the impact of exchange rate
fluctuations was -2%.
The Wines & Spirits
business group saw a revenue decline (-8% organic) in the first
nine months of 2024. Champagne was down, reflecting the ongoing
normalization of post-Covid demand, but remained significantly
higher than in 2019. Hennessy cognac was held back by weak local
demand in the Chinese market, while the United States saw a return
to growth in the second quarter, in a market that remained
cautious. In Provence rosé wines, Château d’Esclans stepped up its
international expansion. The joint venture with Beyoncé
Knowles-Carter gave rise to a new American whisky, SirDavis. A
strategic partnership with French Bloom, the market leader in
premium alcohol-free sparkling wine, was also announced.
The Fashion & Leather Goods
business group, which was broadly stable on an organic basis over
the first nine months of 2024, showed good resilience and gained
market share. Louis Vuitton and Christian Dior Couture both enjoyed
high visibility over the summer with the Paris 2024 Olympic and
Paralympic Games. Louis Vuitton was once again driven by its
remarkable capacity for innovation in the world of travel. Many new
products were unveiled in leather goods. Victory travels in Louis
Vuitton: bespoke trunks, handcrafted in its historic Asnières
workshops, held the world’s most prestigious sports trophies, such
as those of the Louis Vuitton Cup and the 37th America’s Cup in
Barcelona, as well as the torches and medals of the Paris 2024
Olympic and Paralympic Games. Christian Dior Couture maintained its
creative momentum, fusing heritage and modernity, as seen in its
new Miss Dior line. The L’Or de Dior exhibition
at the Guardian Art Center in Beijing honored the Maison’s strong
ties with China through the prism of art. New My Dior
designs featuring Dior’s iconic cannage stitching
celebrated and reinterpreted traditional jewelry-making
craftsmanship. Loro Piana, Loewe and Rimowa confirmed their solid
momentum. The Group welcomed two new creative directors: Michael
Rider at Celine and Sarah Burton at Givenchy.
The Perfumes & Cosmetics
business group achieved organic revenue growth of 5% in the first
nine months of 2024, driven by its powerful innovation strategy and
highly selective distribution policy. Parfums Christian Dior
achieved an excellent performance. Sauvage continued to
achieve solid growth, consolidating its position as the world’s
leading fragrance, while Rihanna became the new face of iconic
women’s perfume J’adore. The new Miss Dior Parfum
edition was a major success. Makeup and premium skincare also
contributed to the Maison’s strong performance. Guerlain enjoyed
solid momentum in fragrances, driven in particular by its
exceptional L’Art & La Matière collection and the
addition of its new Florabloom scent to the Aqua
Allegoria line. Givenchy continued to see growth, driven by
its new L’Interdit Absolu fragrance. Fenty Beauty launched
a new range of haircare products and expanded its retail presence
in China.
The Watches & Jewelry
business group saw a slight decline on an organic basis in the
first nine months of 2024. Tiffany & Co. continued to showcase
its iconic lines through its global “With Love, Since 1837”
campaign. The new Tiffany Titan by Pharrell Williams
collection was exceptionally well received, while the Maison
celebrated the 50th anniversary of the first pieces designed by
Elsa Peretti. It continued to successfully roll out its new store
concept in its main markets. Bulgari celebrated its
140th anniversary with Zendaya, Anne Hathaway and Yifei, who
starred in the “Eternally Reborn” brand campaign. This celebration
included the launch of a new jewelry collection, Bulgari
Tubogas, inspired by the 1940s icon, reinterpreted in a bold,
timeless yellow gold edition. Chaumet enjoyed high visibility
during the summer with the awarding of the medals for the Paris
2024 Olympic and Paralympic Games, created by its design
studio.
The announcement of LVMH’s 10-year global partnership with
Formula 1 was a major highlight, in which several of the
Group’s iconic Maisons – in particular Louis Vuitton, Moët Hennessy
and TAG Heuer – will be involved starting in 2025.
In Selective Retailing, organic
revenue growth was 6% in the first nine months of 2024. Sephora
performed remarkably well and continued to gain market share in
North America, Europe and the Middle East. DFS saw business
activity remain below its 2019 pre-Covid level, with marked
differences in tourist traffic between its various destinations. Le
Bon Marché continued to achieve growth, driven by the department
store’s differentiation strategy, with its continuously renewed
selection of products and services and unique slate of events.
OUTLOOK
In an uncertain economic and geopolitical
environment, the Christian Dior group remains confident and will
maintain a strategy focused on continuously enhancing the
desirability of its brands, drawing on the authenticity and quality
of its products, excellence in distribution and agile
organization.
The Group will draw on its powerful brands and the talent of its
teams to reinforce its global leadership position in luxury goods
once again in 2024.
Apart from the information mentioned in this
press release, during the quarter and to date, no events or changes
have occurred that could significantly modify the Group’s financial
structure.
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.”
APPENDIX
Christian Dior – Revenue by business group and by quarter
Revenue for 2024 (in millions of euros) |
2024
|
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total
|
First quarter |
1
417 |
10
490 |
2
182 |
2
466 |
4
175 |
(36) |
20 694 |
Second
quarter |
1 391 |
10 281 |
1 953 |
2 685 |
4 457 |
216 |
20 983 |
First half |
2 807 |
20 771 |
4 136 |
5 150 |
8 632 |
181 |
41 677 |
Third
quarter |
1 386 |
9 151 |
2 012 |
2 386 |
3 927 |
214 |
19 076 |
First nine months |
4 193 |
29 922 |
6 148 |
7 536 |
12 559 |
395 |
60 753 |
Revenue for 2024 (organic growth versus same period in
2023) |
2024
|
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total
|
First quarter |
-12% |
+2% |
+7% |
-2% |
+11% |
- |
+3% |
Second
quarter |
-5% |
+1% |
+4% |
-4% |
+5% |
- |
+1% |
First half |
-9% |
+1% |
+6% |
-3% |
+8% |
- |
+2% |
Third
quarter |
-7% |
-5% |
+3% |
-4% |
+2% |
- |
-3% |
First nine months |
-8% |
-1% |
+5% |
-3% |
+6% |
- |
+0% |
Revenue for 2023 (in millions of euros) |
2023
|
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total
|
First quarter |
1
694 |
10
728 |
2
115 |
2
589 |
3
961 |
(52) |
21 035 |
Second
quarter |
1 486 |
10 434 |
1 913 |
2 839 |
4 394 |
140 |
21 206 |
First half |
3 181 |
21 162 |
4 028 |
5 427 |
8 355 |
87 |
42 240 |
Third
quarter |
1 509 |
9 750 |
1 993 |
2 524 |
4 076 |
113 |
19 964 |
First nine months |
4 689 |
30 912 |
6 021 |
7 951 |
12 431 |
201 |
62 205 |
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 is a free translation into English
of the original French financial release dated October 15, 2024. 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 2024_VA
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