LVMH reported 1Q19 sales of €12.5 billion, with 11% year over year organic growth, or 16% on a reported basis with currency exchange rates adding 500 bps to growth, with all regions and all groups participating in organic growth. Revenues at the company’s fashion and leather goods group rose 15% in constant currency, or 20% on a reported basis, to €5.1 billion, setting the pace at LVMH. This group represents 41% of 1Q19 revenues and achieved double-digit growth in the key markets of Europe, Asia and the US. Louis Vuitton and Christian Dior had an exceptional quarter. At Louis Vuitton, marketing, product and distribution strategies have driven strong sales momentum for the last few quarters, with management commenting that in China, the brand is moving “from strength to strength” and that growth is accelerating. Both the perfumes and cosmetics and wine and spirits groups achieved 9% constant-currency growth in 1Q19. Selective retailing posted organic growth of 8% and was the second largest group in 1Q19, with revenues of €3.5 billion, or 28% of consolidated 1Q19 revenues. Management said Sephora gained market share with strong comps and digital commerce. In the US, despite soft traffic, comps reflect improved conversion. Revenues at the watches and jewelry group rose 4% on an organic basis. During the quarter, the revenue mix was balanced across geographies: Asia (excluding Japan) was the largest region and accounted for 35% of revenues, followed by Europe (including France) at 25% and the US at 22%. France contributed 8% of revenue, and Japan 7%. Other markets contributed 11% of revenue.