LVMH’s Q3 sales up 20%

Lenore Fedow

The luxury conglomerate posted double-digit growth in the U.S. and Asia as those markets rebound.

LVMH posted a strong third quarter of its fiscal year, seeing double digit revenue growth overall and in its watches and jewelry segment.

The luxury conglomerate has seen sustained revenue growth in the U.S. and Asia while the recovery in Europe remains gradual.

Third-quarter revenue totaled €15.51 billion ($17.46 billion), up 20 percent year-over-year on an organic growth basis.

Revenue also exceeded pre-pandemic levels, up 11 percent compared with 2019.

For the first nine months of the fiscal year, revenue totaled €44.18 billion ($50.92 billion), up 40 percent year-over-year and up 11 percent when compared with 2019.

Quarterly revenue in the watches and jewelry segment was up 18 percent year-over-year to €2.14 billion ($2.47 billion) and up 1 percent compared with pre-pandemic levels.

For the first nine months, revenue in this category totaled €6.16 billion ($7.1 billion), up 49 percent year-over-year and up 4 percent compared to 2019.

The recently acquired Tiffany & Co. was not factored in until 2021.

The iconic American jeweler did put on a “remarkable performance, said LVMH, particularly in the U.S.

The Tiffany T line has done well, while the brand introduced a limited series of Blue Box sculptures by contemporary artist Daniel Arsham.

Tiffany also launched its new “About Love” advertising campaign, featuring power couple Beyoncé and Jay-Z.

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Source National Jeweler