LVMH reports strong rebound in jewellery sales
Sales at LVMH Moët Hennessy Louis Vuitton’s luxury jewellery houses rose 138 per cent year on year in the first quarter of 2021, due in part to its recent acquisition of Tiffany & Co.
The conglomerate also attributed the growth to several initiatives such as the launch of the Serpenti Viper collection by Bvlgari, the new Joséphine creations by Chaumet and the Pretty Woman collection by Fred.
“The quarter marked the integration for the first time of the iconic jewellery maison, Tiffany & Co, which saw an excellent start to the year,” explained LVMH. Jewellery sales dropped by 24 per cent in 2020 from 2019, with the coronavirus crisis dealing a heavy blow to global economies, especially the retail sector.
Group revenues also went up by 32 per cent to €14 billion (around US$16.7 billion) during the first three months of 2021. “The quarter marks a return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic,” noted LVMH.
LVMH completed its acquisition of Tiffany & Co in January this year, further enhancing the group’s jewellery and watches division.
Anthony Ledru, previously executive vice president for Global Commercial Activities at Louis Vuitton and senior vice president of North America at Tiffany, was named CEO of Tiffany while Alexandre Arnault, former CEO of RIMOWA, was appointed executive vice president for Product and Communications of Tiffany.
Michael Burke, chairman and CEO of Louis Vuitton, will become chairman of Tiffany’s board of directors.