LVMH Moët Hennessy Louis Vuitton, the luxury goods behemoth, said sales of jewellery and watches grew over threefold in the first half of 2021, to €4.023 billion compared to €1.319 billion the same period in 2020, and 5% compared to that in 2019 (excluding Tiffany).
The company, which owns jewellery brands Bvlgari, Tiffany & Co, Chaumet and Dior, said profit from recurring operations for jewellery and watches was up 122% compared to the first half of 2019 and 27% excluding the effect of the integration of Tiffany.
“The first half saw the integration for the first time of iconic jewelry maison Tiffany, which has benefited from the new team’s focus on its iconic products. Honouring its long-standing tradition of expressing love and diversity, the Maison has successfully launched its first engagement ring for men, the Charles Tiffany Setting,” LVMH said.
“Bvlgari saw good growth in jewellery, in particular in its network of own stores. The new Magnifica high-end jewellery collection was unveiled in June. Chaumet inaugurated its new exhibition “Joséphine et Napoléon” at its recently restored historic address at 12 place Vendôme,” it added.
The group recorded revenue of €28.7 billion in the first half of 2021, up 56% compared to the same period in 2020. Organic revenue growth was 53% compared to 2020 and 11% compared to 2019. This performance reflects accelerated growth in the second quarter of 2021, which saw organic revenue increase by 14% compared to 8% in the first quarter.
Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH has enjoyed an excellent half-year and is reaping the benefits of having continued to innovate and invest in its businesses throughout the pandemic despite being in the midst of a global crisis. The creativity, the high-quality and enduring nature of our products and the sense of responsibility that drives us, have been critical in enabling us to successfully withstand the effects of the pandemic; they will remain firmly embedded in all our Maisons, thereby ensuring their continued desirability.”
Profit from recurring operations was €7,632 million for the first half of 2021, up 44% compared to the first half of 2019 and more than four times higher than that of 2020.