It’s always fun to read between the lines of an LVMH earnings report—the company’s size and scope are so significant that its quarterly performance inevitably reflects a number of macro themes across the fashion, beauty, and spirits businesses. And while today’s Q1 report revealed that the group slightly missed analyst projections, nothing surprised close observers: Customers in China and the U.S. helped offset the impacts of war in the Middle East; champagne saved the wine and spirits group from the continued cognac slowdown (drinking and wartime go hand in hand); and, as always, customers responded to things that were new—a new collection, a new store—because people love novelty. Meanwhile, organic sales declined 2 percent in fashion and leather goods.