Home News Business

LVMH marks return to growth as Tiffany & Co profits kick in

0

LVMH, the world’s largest luxury goods company, has announced its return to growth after the pandemic year.

It reported a revenue of €14 billion (£12.15 billion) for the first quarter of 2021, up 32% over the same period in 2020.

Organic revenue also grew 8% compared to the first quarter of 2019, the company revealed.

LVMH noted that while Asia and the US markets have bounced back after the pandemic, Europe is largely still in the grips of national lockdowns.

The company broke down its year-on-year revenue growth for Q1, with the watches and jewellery segment growing by a reported 138%.

This was mostly due to the company’s recent acquisition of jewellery brand Tiffany & Co.

The companies had a fraught relationship and even legal battles after the initial agreement for LVMH to purchase Tiffany & Co, but eventually made up.

Read more about the acquisition below:

LVMH completes Tiffany & Co acquisition and shakes up key leadership team

 

NO COMMENTS

Exit mobile version