LVMH up 30% on an organic basis in first quarter

Worldwide
Published:  14 April, 2021
Credit: Dior

The French luxury conglomerate, owner of brands such as Berluti, Louis Vuitton and Dior, has released its first quarter results for 2021, recording €14 billion in revenues, up 32% compared with the same period in 2020 and up 30% organically.

After several quarters of decline during 2020 due to the global pandemic, the first quarter results mark a return to growth. Organic revenue grew 8% compared to the first quarter of 2019.

All business groups contributed to the groups’ first quarter growth, except Selective Retailing which was disrupted by the restrictions on international travel.

The Fashion & Leather Goods business group reported €6,738 million in revenue in the first quarter compared to €4,643 million in the same quarter of 2020. 52% was organic growth compared to 37% in 2019. The Watches & Jewellery business group recorded organic revenue growth of 35% in the first quarter of 2021 compared to the same period of 2020 and 1% compared to that of 2019. In watchmaking, TAG Heuer announced a major collaboration with Porsche, including launching the TAG Heuer Carrera Porsche Chronograph.

Outlook
LVMH considers itself well-equipped to build upon the hoped-for recovery in 2021 and to regain growth momentum for all its businesses. The group will continue to pursue its strategy focused on the development of its brands, driven by innovation and investment as well as quality in products and distribution.