Good start to the year for LVMH
Paris, April 13th, 2021
LVMH Moët Hennessy Louis Vuitton, the world’s
leading luxury products 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 LVMH |
13 959 |
10 596 |
+ 32 % |
+ 30 % |
+ 8 % |
* With comparable structure and constant exchange rates. The
structural impact for the Group was + 8%, linked entirely to the
consolidation of Tiffany & Co for the first time. The currency
effect was -6%.
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, LVMH 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. LVMH 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.
Regulated information linked to this press
release and presentation available on www.lvmh.com.
LVMH
LVMH Moët Hennessy Louis Vuitton is represented
in Wines and Spirits by a portfolio of brands that includes Moët
& Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug,
Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays,
Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie,
Ardbeg, Belvedere, Woodinville, Volcán de Mi Tierra, Chandon,
Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle,
Newton, Bodega Numanthia, Ao Yun, Château d'Esclans and Château du
Galoupet. Its Fashion and Leather Goods division includes Louis
Vuitton, Christian Dior Couture, Celine, Loewe, Kenzo, Givenchy,
Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, RIMOWA,
Patou. LVMH is present in the Perfumes and Cosmetics sector with
Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums,
Perfumes Loewe, Benefit Cosmetics, Make Up For Ever, Acqua di
Parma, Fresh, Fenty Beauty by Rihanna and Maison Francis Kurkdjian.
LVMH's Watches and Jewelry division comprises Bvlgari, Tiffany
& Co, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred and
Hublot. LVMH is also active in selective retailing as well as in
other activities through DFS, Sephora, Le Bon Marché, La
Samaritaine, Groupe Les Echos, Cova, Le Jardin d’Acclimatation,
Royal Van Lent, Belmond and Cheval Blanc hotels.
“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 LVMH’s
Universal Registration Document which is available on the website
(www.lvmh.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 LVMH’s views as of the
date of this document, and LVMH 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 LVMH 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 LVMH or an invitation or
inducement to engage in any other investment activities.”
LVMH CONTACTS
Analysts and investors Chris
Hollis LVMH + 33 1 44 13 21 22 |
Media Jean-Charles
Tréhan LVMH + 33 1 44 13 26 20 |
MEDIA CONTACTS |
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