LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded revenue of 14 billion euros for the first quarter of 2021, up 32% compared to the same period in 2020 and up 30% on an organic basis.
The quarter marks a return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic. Organic revenue grew 8% compared to the first quarter of 2019.
All activities contributed to the good performance of the Group, with the exception of Selective Retailing, which was still impacted by the restrictions on international travel. Fashion & Leather Goods, in particular, had an excellent start to the year and achieved record levels of revenue. 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.
The Watches & Jewelry 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. The quarter marked the integration for the first time of the jewellery Maison, Tiffany & Co, which saw an excellent start to the year. Several innovations were unveiled at other brands during the quarter, including the Serpenti Viper collection by Bvlgari, the new Joséphine creations by Chaumet and the Pretty Woman collection by Fred. In watchmaking, TAG Heuer announced a major collaboration with Porsche, including launching the TAG Heuer Carrera Porsche Chronograph.
The Wines & Spirits business group recorded organic revenue growth of 36% in the first quarter of 2021 compared to the same period of 2020 and 17% compared to that of 2019. The Fashion & Leather Goods business group achieved organic revenue growth of 52% compared to the same period of 2020 and 37% compared to that of 2019. In Perfumes & Cosmetics, organic revenue grew 18% in the first quarter of 2021 compared to the same period in 2020 and was down 4% compared to 2019. In Selective Retailing, organic revenue declined 5% compared to the first quarter of 2020 and 30% compared to that of 2019.
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.
April 22, 2021