Christian Dior Q1 2024 Financial Review: Sustained Growth in a Challenging Climate

An In-depth Look at the Luxury Giant's Performance Amidst Economic Uncertainties

Sectors & Markets

18 May, 2024

Table of contents

Christian Dior's historical journey began in 1946, founded by Monsieur Christian Dior in Paris, and after being acquired by the Boussac group which was later purchased by Bernard Arnault in 1984, it established a significant stake in LVMH in 1988, progressively increasing this to control 41% of LVMH's share capital and 57% of its voting rights by the end of 2022, thereby becoming a central entity within the powerful and internationally renowned LVMH Group.

LVMH Moët Hennessy - Louis Vuitton effectively owns Christian Dior SA. The ownership structure involves Christian Dior, which is a holding company that owns a controlling stake in LVMH. Bernard Arnault and his family, who are significant shareholders of LVMH, also hold a substantial stake in Christian Dior. This structure makes Christian Dior both a major shareholder in LVMH and part of the broader LVMH Group.

The Christian Dior group has successfully navigated the uncertain geopolitical and economic landscape to post a commendable 3% organic revenue growth in the first quarter of 2024, with total revenues reaching €20,7 billion. Despite the slight 2% decline in reported revenues compared to Q1 2023, the luxury conglomerate's strategic adaptability and innovative brand offerings continue to drive its market presence.

Financial Performance Overview

Christian Dior's performance in the first quarter of 2024 was marked by varying results across its diverse portfolio. The Wines & Spirits sector experienced a 12% organic decline, primarily affected by normalizing post-Covid demand and cautious retailer ordering in the U.S. Conversely, the Fashion & Leather Goods sector saw a 2% organic growth, bolstered by strong performances from Louis Vuitton and Christian Dior Couture. The Perfumes & Cosmetics sector enjoyed a 7% organic increase, thanks to the success of flagship fragrances and skincare innovations. Meanwhile, Watches & Jewelry faced a slight 2% organic decline. However, the Selective Retailing sector outperformed with an 11% organic increase, led by Sephora's market share gains and geographic expansion.

Regional Revenue Insights

The revenue distribution by region indicated robust growth in Japan and consistent performance in Europe and the U.S. Asia's rest showed strong spending by Chinese customers, particularly in Europe and Japan, further emphasizing the global appeal and strategic market placement of Dior's luxury products.

Revenue by Channel

Selective Retailing, with a notable 11% organic growth, underscored the significance of omnichannel presence. The sector's expansion, especially in North America and the Middle East, highlights Dior's adeptness at leveraging physical stores and digital platforms to enhance customer reach and satisfaction.

Year-on-Year KPI Comparison

KPIs Q1 2024 (€M) Q1 2023 (€M) % Change (Organic)
Wines & Spirits 1.417 1.694 -12%
Fashion & Leather Goods 10.490 10.728 +2%
Perfumes & Cosmetics 2.182 2.115 +7%
Watches & Jewellery 2.466 2.589 -2%
Selective Retailing 4.175 3.961 +11%
Total 20.694 21.035 +3%

Conclusion and Future Outlook

Christian Dior's first quarter of 2024 embodies resilience and strategic finesse. Despite a complex global market environment, the group has managed to maintain growth momentum through innovation, quality enhancement, and a balanced geographical revenue distribution. Going forward, the group remains committed to reinforcing its leadership in the luxury sector by continuing to invest in its brands and expand its global footprint. The strategic focus will be on brand development, innovative product offerings, and enhancing distribution networks to sustain growth and profitability in the evolving luxury market.


The slight downturn in Wines & Spirits is concerning but can be seen as an alignment with market normalization. Meanwhile, the robust growth in Selective Retailing and stable performances in Fashion and Cosmetics suggest a healthy consumer demand for luxury goods. As 2024 progresses, monitoring consumer spending patterns and adjusting strategies to manage supply chain efficiencies will be critical in maintaining competitive advantage and market leadership for Christian Dior.

Read the full Christian Dior SA report Here.

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