LVMH Moët Hennessy Louis Vuitton’s watch and jewellery division reported revenue growth of 167% to €8.96 billion in 2021 compared to 2020 due to the consolidation of Tiffany & Co.
Profit from recurring operations was almost six times higher at €1.67 billion than in 2020 and up 128% compared to 2019. For its first year in the group, Tiffany saw record performance in terms of revenue, profits and cash flow, and increased its global attractivity as a result of its high impact innovations and collaborations, LVMH said.
The group noted, “High-end jewellery sales in particular reached an all-time high with the huge success of its annual High-End Jewelry Blue Book collection. Honouring its long tradition of expressing love and diversity, a global ‘About Love’ campaign featuring Beyoncé and Jay-Z was launched. The revenue and profits achieved a sharp increase compared to 2019.
LVMH said, “Bvlgari enjoyed good momentum, driven by the growth of the iconic lines in its own stores. The Maison accelerated the selectivity of its multi-brand network distribution and expanded its own boutiques. Chaumet unveiled an exclusive diamond cut, the Taille Impératrice, and showcased its unique heritage through the ‘Joséphine and Napoléon’ exhibition at the heart of the Maison’s iconic 12 place Vendôme address in Paris.”
LVMH Moët Hennessy Louis Vuitton recorded total revenue of €64.2 billion in 2021, up 44% compared to 2020 and up 20% compared to 2019. The performance for the year confirms a return to strong growth momentum following the severe disruption to the first half of 2020 resulting from the global pandemic, it said.
The United States and Asia rose sharply over the course of the year, while Europe, which is experiencing a gradual recovery, returned to growth in the fourth quarter compared to 2019. Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH enjoyed a remarkable performance in 2021 against the backdrop of a gradual recovery from the health crisis. The group’s record results could not have been achieved without the efficiency and exceptional ability of our teams to adapt and notably to remain connected to our customers, continuing to inspire dreams, despite the crisis.”