THE WHAT? LVMH has reported a ‘good start’ to the year despite COVID-19 lockdowns in China, with the luxury group achieving recorded revenue of 14 billion euros for the first quarter of 2021, up 32 percent compared to the same period in 2020 and up 30 percent on an organic basis.
THE DETAILS According to the company, “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.”
Fashion & Leather Goods, in particular, had an ‘excellent start to the year’ and achieved record levels of revenue. Meanwhile the United States and Asia enjoyed strong growth, while Europe remains affected by the crisis due to the impact of store closures across several countries and the suspension of tourism.
The Fashion & Leather Goods business group achieved organic revenue growth of 52 percent in the first quarter of 2021 compared to the same period of 2020 and 37 percent compared to that of 2019. Louis Vuitton was said to have put on a ‘remarkable’ performance.
In Perfumes & Cosmetics, organic revenue grew 18 percent in the first quarter of 2021 compared to the same period in 2020 and was down 4 percent compared to the same period in 2019.
THE WHY? LVMH stated that, “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.”
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