MILANO – The luxury giant LVMH starts 2021 with double-digit growth compared to the year of the pandemic, but also up compared to 2019, on all product lines except perfumes and duty free which remain strongly impacted by the reduced traffic of airports .
And so between January and March the group that controls brands such as Dior, Vuitton and Fendi recorded revenues of 13.9 billion, an increase of 30% (of 32% also considering Tiffany, just acquired, which brings the jewelery and watches division into increase of 138% to 1.88 billion). A result that beats analysts’ expectations and, on an organic level, also exceeds the results of the same pre-Covid period (+ 8% compared to the first quarter of 2019). “In a context that remains turbulent – underlines a note from the group led by Bernard Arnault – LVMH is well equipped to build the hoped-for recovery in 2021 and regain the momentum of growth for all its activities “.
The fashion and accessories division grows by 52% organically, with 6.7 billion euros of bags and clothes sold, 37% more than in 2019 and three times the turnover recorded by Prada in all of 2020. But also wines and champagnes, despite the closure of bars and hotels, jumped up by 36% (+ 17% on the first quarter of 2019%) to 1.5 billion. Only the duty free shops are marking time, with 2.3 billion in revenues.
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