Recently-acquired Tiffany & Co. put on a “record performance” in its first year with the luxury conglomerate.
LVMH’s jewelry and watch sales surged in fiscal 2021 following its acquisition of Tiffany & Co. earlier that year.
The luxury conglomerate’s jewelry sales more than doubled in both its fourth-quarter and full-year results.
Quarterly revenue in the watches and jewelry segment was up 157 percent year-over-year to €2.8 billion ($3.1 billion) and up 145 percent compared with pre-pandemic 2019 levels.
For the full year, revenue in this category totaled nearly €9 billion ($10 billion), up 167 percent year-over-year and up 103 percent compared to 2019.
Overall revenue for the fourth quarter totaled €20 billion ($22.3 billion), up 40 percent year-over-year, and up 31 percent compared with 2019.
For the full year, revenue totaled €64.2 billion ($71.5 billion), up 44 percent year-over-year and up 20 percent when compared with 2019.
LVMH’s acquisition of Tiffany & Co. closed in January 2021, making this the first year the jeweler’s sales are included in LVMH’s overall sales.
The American jewelry brand put on a “record performance” in terms of revenue, profits, and cash flow, said LVMH, and captured customer attention via its high-profile collaborations.
Perhaps the best example of that is power couple Beyoncé and Jay-Z servings as the faces of “About Love,” the jeweler’s new advertising campaign.
Tiffany’s high-end jewelry sales reached an all-time high, due in part to the success of its annual jewelry catalog, the Blue Book.
There was a growing interest in its Knot collection and continued development in its iconic Tiffany T and HardWear lines, said LVMH. Its relaunch of designs by Jean Schlumberger also did well.
During a results presentation Thursday, CEO Bernard Arnault, who called Tiffany’s integration “the event of the year,” noted the brand performed exceedingly well even though its flagship New York store, a strong revenue driver, was still closed for renovations. The store is expected to reopen at the end of 2022.