LVMH Sees Jewelry, Watch Sales Double in Q1
This is the first fiscal quarter that includes the recently acquired Tiffany & Co.
For the first quarter, company revenue totaled €13.96 billion ($16.67 billion), up 32 percent on a comparable basis.
The luxury titan saw double-digit growth in Asia and the United States, though Europe has been slower to recover.
Strong online sales offset the impact of continued store closures in Europe due to the COVID-19 pandemic.
All LVMH’s business groups, which include fashion and leather goods and perfume and cosmetics, contributed to organic revenue growth with the exception of its selective retailing segment. Its duty-free stores continue to suffer due to a decline in international travel.
“In a context that remains turbulent, LVMH is well-equipped to build upon the hoped-for recovery in 2021 and regain growth momentum for all its businesses,” said the company in a press release announcing the results.
First-quarter revenue in the watches and jewelry segment more than doubled, up 138 percent to €1.88 billion ($2.25 billion).
For the first time, LVMH’s quarterly results included the recently acquired Tiffany & Co., though the company did not make any specific statements about the retailer’s performance in its quarterly release.
In the jewelry category, the “Serpenti Viper” collection by Bulgari, the new “Joséphine” creations by Chaumet and the “Pretty Woman” collection by Fred were introduced.
As for the watch brands, TAG Heuer announced a collaboration with Porsche, launching the TAG Heuer Carrera Porsche Chronograph.
Hublot’s limited edition of its Classic Fusion Takashi Murakami All Black quickly sold out, said LVMH, while the new Zenith Chronomaster Sport with El Primero movement also was well-received.
Looking ahead, LVMH did not provide financial guidance for the next fiscal year.
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