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Luxury fashion house LVMH has reported a 46% increase in group revenues for the first nine months of the year to €44bn (£37.4bn).
LVMH also revealed that organic revenue growth over the period was 40% compared to 2020 and was 11% higher when compared with 2019.
The group said the United States and Asia continued to see double-digit growth, including in China where investors feared the Chinese government’s crackdown on conspicuous consumption could have affected sales.
It attributed the increase to a strong showing from its Fashion and Leather Goods business group, which reached “record levels” over the period, with organic growth of 38% compared to the third quarter of 2019 to €21.3bn (£18bn).
Its Wines and Spirits business group also recorded organic revenue growth of 30% in the first nine months of 2021 compared to the same period of 2020 and 10% compared to 2019.
Champagne volumes were up 7% compared to the first nine months of 2019. It said growth was “particularly strong” in the United States and Europe, which notably benefited over the summer from the reopening of restaurants and the gradual recovery of tourism.
In addition, its Watches and Jewelry business group recorded organic revenue growth of 49% to €6.1bn (£5.1bn) in the first nine months of 2021 compared to the same period of 2020 and 4% compared to 2019 (excluding Tiffany, which was consolidated for the first time in 2021).
Looking ahead. LVMH said that within the context of a “gradual exit from the health crisis”, the group is confident in the continuation of the current growth and it will “maintain a strategy focused on continuously strengthening the desirability of its brands, by relying on the authenticity and quality of its products, the excellence of their distribution and the reactivity of its organisation”.
