Chistian Dior: Good start to the year for Christian Dior
13 Avril 2021 - 7:34PM
Chistian Dior: Good start to the year for Christian Dior
Good start to the year for Christian
Dior
Paris, April 13th, 2021
The Christian Dior group
recorded revenue of 14 billion euros for the first quarter of 2021,
up 32% compared to the same period in 2020 and up 30% on an organic
basis. 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.
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. Fashion & Leather Goods, in particular,
had an excellent start to the year and achieved record levels of
revenue. 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.
Revenue by business group:
Euro millions |
Q1 2021 |
Q1 2020 |
% ChangeQ1 2021/Q1
2020 Reported
Organic* |
% Change Q1
2021/2019 Organic* |
Wines & Spirits |
1 510 |
1 175 |
+ 29 % |
+ 36 % |
+ 17 % |
Fashion & Leather Goods |
6 738 |
4 643 |
+ 45 % |
+ 52 % |
+ 37 % |
Perfumes & Cosmetics |
1 550 |
1 382 |
+ 12 % |
+ 18 % |
- 4 % |
Watches & Jewelry |
1 883 |
792 |
+ 138 % |
+ 35 % |
+ 1 % |
Selective Retailing |
2 337 |
2 626 |
- 11 % |
- 5 % |
- 30 % |
Other activities and eliminations |
(59) |
(22) |
- |
- |
- |
Total |
13 959 |
10 596 |
+ 32 %** |
+ 30 % |
+ 8 % |
* With comparable structure and constant exchange rates. ** The
currency effect was -6% and the structural impact (linked entirely
to the consolidation of Tiffany & Co. for the first time) was +
8%.
The Wines & Spirits
business group recorded organic revenue growth of 36% in the first
quarter of 2021 compared to the same period of 2020 and 17%
compared to that of 2019. Champagne volumes were up 22% compared to
the first quarter of 2020, with good performances in Europe and the
United States. Hennessy cognac saw its volumes increase by 28%
compared to 2020. China, which is the first market to have been
affected by the pandemic, experienced a strong rebound. Demand in
the United States remained robust. Despite a good start to the
year, it continues to be an uncertain environment.
The Fashion & Leather Goods
business group achieved organic revenue growth of 52% in the first
quarter of 2021 compared to the same period of 2020 and 37%
compared to that of 2019. Louis Vuitton, driven by its strong
creativity, enjoyed a remarkable performance. The timelessly
elegant Capucines bag was showcased and several innovations were
unveiled during the runway shows. In Japan, Louis Vuitton reopened
its historic flagship store in the Ginza district of Tokyo
following extensive renovation work. Christian Dior enjoyed an
excellent start to the year. The Lady Dior bag continued to be very
successful and the new ready-to-wear collections have had an
excellent reception. Fendi unveiled the first collections by Kim
Jones. Loro Piana presented its new collections. Celine had great
success with the creations of Hedi Slimane. Loewe continued its
very successful expansion of the lines created by J.W. Anderson.
Marc Jacobs performed very well. In
Perfumes & Cosmetics, organic revenue grew 18%
in the first quarter of 2021 compared to the same period in 2020
and was down 4% compared to the same period in 2019. The major
brands continued to be selective in their distribution and limit
promotions. They benefited from the continued growth in online
sales from local customers, which offset the impact of the
suspension of international travel and the closure of many points
of sale. Christian Dior confirmed its success in make-up with the
new Rouge Dior. Dior fragrances, notably Sauvage, Miss Dior and the
new J’Adore Infinissime, maintained their momentum across all
markets. Guerlain continued to benefit from the success of its
Abeille Royale skincare line. Benefit’s new mascara with a
lengthening effect enjoyed an excellent reception.
The Watches & Jewelry
business group recorded organic revenue growth of 35% in the first
quarter of 2021 compared to the same period of 2020 and 1% compared
to that of 2019. The quarter marked the integration for the first
time of the iconic jewelry Maison, Tiffany & Co, which saw an
excellent start to the year. Several innovations were unveiled at
other brands during the quarter, including the Serpenti Viper
collection by Bvlgari, the new Joséphine creations by Chaumet and
the Pretty Woman collection by Fred. In watchmaking, TAG Heuer
announced a major collaboration with Porsche, including launching
the TAG Heuer Carrera Porsche Chronograph.
In Selective Retailing, organic
revenue declined 5% in the first quarter of 2021 compared to the
first quarter of 2020 and 30% compared to that of 2019. Sephora
performed well in a commercial environment that is still impacted
by store closures in several countries across Europe. Online sales
progressed well throughout the world. DFS continued to experience a
significant decline in activity in most destinations due to the
lack of international travel.
In a context that remains turbulent, the
Christian Dior group is well-equipped to build upon the
hoped-for recovery in 2021 and regain growth momentum for all its
businesses. The Group will continue to pursue its strategy focused
on the development of its brands, driven by strong innovation and
investment as well as by a constant quest for quality in their
products and their distribution. The Group relies on the talent and
motivation of its teams, the diversification of its businesses and
the geographical balance of its revenue to further strengthen its
global leadership position in luxury goods in 2021.
This document is a free translation
into English of the original French financial release dated April
13, 2021.It is not a binding document. In the event of a conflict
in interpretation, reference should be made to the French version,
which is the authentic text.
This financial release is available on our website
www.dior-finance.com.
“This document may contain certain forward
looking statements which are based on estimations and forecasts. By
their nature, these forward looking statements are subject to
important risks and uncertainties and factors beyond our control or
ability to predict, in particular those described in Christian
Dior’s Annual Report which is available on the website
(www.dior-finance.com). These forward looking statements should not
be considered as a guarantee of future performance, the actual
results could differ materially from those expressed or implied by
them. The forward looking statements only reflect Christian Dior’s
views as of the date of this document, and Christian Dior does not
undertake to revise or update these forward looking statements. The
forward looking statements should be used with caution and
circumspection and in no event can Christian Dior and its
Management be held responsible for any investment or other decision
based upon such statements. The information in this document does
not constitute an offer to sell or an invitation to buy shares in
Christian Dior or an invitation or inducement to engage in any
other investment activities.”
- Christian Dior Q1 Revenue 2021 VA
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