Jewelry and watch sales at LVMH rose in the first quarter, buoyed by the inclusion of Tiffany & Co. for the first time.
Revenue for the category surged 138% year on year to EUR 1.88 billion ($2.24 billion) for the three months ending March 31, the company said Tuesday [March 31]. The quarter is the first to incorporate sales from Tiffany, which the French luxury conglomerate purchased in January.
LVMH also benefited from a favorable comparison with the same period in 2020, which was affected by global closures due to the coronavirus pandemic. Sales rose 1% compared to the first quarter 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,” LVMH said.
LVMH also noted a solid performance at Bulgari, which launched its new Serpenti Viper collection, as well as new offerings from Chaumet and Fred. A partnership between watch brand TAG Heuer and Porsche also bolstered the segment, LVMH explained.
Group sales for the first quarter — including jewelry, wines and spirits, fashion, and cosmetics — jumped 32% year on year to EUR 13.96 billion ($16.6 billion), and 8% versus 2019.
The US and Asia had a strong performance, while European markets are still affected by Covid-19 closures and restrictions. However, LVMH believes it will see continued growth through the year.
Tiffany propels LVMH jewelry sales
