Luxury brand retailer LVMH’s revenue grew 14 per cent to €62.21 billion (US$65.9 billion) in the first nine months of FY23, on the back of double-digit growth in Europe, Japan and the rest of Asia.

Its selective retailing segment posted the highest revenue growth of 26 per cent to €12.43 billion during the three quarters, while the fashion and leather goods segment rose 16 per cent to €30.91 billion.

Revenue from the company’s perfumes and cosmetics business increased 12 per cent to €6.02 billion, while the watches and jewellery business went up 9 per cent to €7.95 billion.

The wines and spirits segment saw a revenue decline of 7 per cent to €4.69 billion.

“Hennessy cognac was affected in the US by the economic environment, the post-Covid normalisation of demand and the continued high inventory levels of its retailers,” the company said.

The company’s revenue during the third quarter rose 9 per cent to €19.96 billion.

Meanwhile, LVMH said it is confident in the continuation of its growth as it draws on its powerful brands, amid economic and geopolitical uncertainties.