May 23, 2024

The Queens County Citizen

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LVMH starts the year beyond pre-pandemic sales

LVMH starts the year beyond pre-pandemic sales

The 75-house team, including world number one at Luxury LVMH, Louis Vuitton, Dior and Dom Perignon, started the year high with sales in more than a quarter of 2019, before the epidemic.

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LVMH announced on Tuesday that it had recorded sales of 14 billion euros in the first quarter, an increase of 32% over the same period in 2020, marking the beginning of the epidemic. Above all, the team passed out in the first quarter of 2019 before the epidemic, with sales reaching 12.5 billion euros.

Thanks to a strong recovery in Asia, the group, which has already limited sales and profitability declines by 2020, is growing in all business groups except Selective Distribution (Sephora, Le Bon March, Duty Free Shopper). With store closures in Europe and a lack of international travel, its sales have plummeted.

The group still runs with the performance of its flagship fashion and leather goods division.

Starting this year after the acquisition of American jeweler Tiffany for 13 billion euros, it doubled sales in the first quarter.

The champagne was just as good. In February, the group, through Moit Hennessy, acquired a 50% stake in the famous American rapper and producer Jay-Z’s Champagne brand.

Geographically, the group is enjoying a very strong recovery in Asia (+ 86% compared to 2020) and some gains in the United States. But Europe fell, 9% from 2020 and 18% from 2019.

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“While still in disarray, LVMH has the best assets to build in 2021 — for recovery and for all of its businesses to regain growth momentum,” the group concluded in a press release.

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