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Luxury Goods

LVMH Q1 revenues soar 32% to £12.1bn

The group posted a return to growth across the majority of its departments, including a 138% year-on-year watches and jewellery revenue increase

Moët Hennessy Louis Vuitton (LVMH) has revealed its total revenues for the first quarter of FY 2021 rose 32% year-on-year to £12.1bn.

The group posted a return to growth across the majority of its departments, including a 138% year-on-year watches and jewellery revenue increase.

LVMH’s wines and spirits business group recorded organic revenue growth of 36% to over £1.31bn, as Hennesy cognac saw its volumes increase by 28% when compared to Q1 2020.

The largest portion of the group’s revenue for the period came from its fashion and leather goods arm, with Louis Vuitton, Christian Dior, Fendi, Celine, Loewe, and Marc Jacobs contributing to £5.85bn in revenue for the period.

While the quarter marked “a return to growth” for the group, when compared to 2019’s revenues the total organic growth margin decreased to 8%.

The company’s wine and spirits, fashion and leather goods, and watches and jewellery businesses did, however, all grow when compared to the first quarter of 2019.

LVMH also revealed its selective retailing revenues dropped 11% year-on-year, and organic revenues fell 30% from the same period in 2019 due to “store closures in several countries across Europe” and a “significant decline in activity” through international travel restrictions.

The group said: “The United States and Asia enjoyed strong growth, while Europe is still affected by the crisis due to the impact of store closures across several countries and the suspension of tourism.

“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.”

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