Leading luxury goods purveyor LVMH Moët Hennessy Louis Vuitton said its Watches & Jewellery division recorded revenue growth of 138% to €1.88 billion ($2.26 billion) in the first quarter of 2021 compared to the same period of 2020, and 80% compared to that of 2019.
The quarter marked the integration for the first time of the iconic jewellery maison, Tiffany & Co, which saw an excellent start to the year, LVMH noted.
“Several innovations were unveiled at other brands during the quarter, including the Serpenti Viper collection by Bvlgari, the new Joséphine Aigrette creations by Chaumet and the Pretty Woman jewellery and high jewellery collection by Fred,” it said.
“The positive perimeter effect related to the first consolidation of Tiffany & Co. more than offset negative currency impact,” the company said in a presentation.
LVMH recorded total revenue of €14 billion for the first quarter of 2021, up 32% compared to the same period in 2020. The quarter marked a return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic, the company noted.
The United States and Asia enjoyed strong growth, while Europe is still affected by the crisis due to the impact of store closures across several countries and the suspension of tourism, it added.