LVMH, Moët Hennessy Louis Vuitton, recorded revenue of 14 billion euros (US$16.7 billion) in the first quarter of 2021, up 32% compared to the same period in 2020. The quarter marks the return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic.
Fashion & Leather Goods, in particular, had a strong start to the year and achieved record levels of revenue. 52% compared to the same period of 2020 and 37% compared to that of 2019. Louis Vuitton and Dior outshined the others with performance strength across the handbag, ready-to-wear, and shoe categories, chief financial officer Jean-Jacques Guiony said. He also noted strong performances at Fendi, Celine, and Marc Jacobs.
Revenue for watches and jewelry grew by 35% in the first quarter of 2021, compared with the same period in 2020. In addition to it being the first quarter for Tiffany&Co being a part of the Group's portfolio, growth drivers included Bvlgari, Chaumet, and Fred, whom each released a new collection. TAG Heuer announced a collaboration with Porsche, including launching the TAG Heuer Carrera Porsche Chronograph.
With regards to future M&As, the company will focus on Tiffany's post-acquisition. “We have other fish to fry. Integrating Tiffany is very important for us and we don’t want to dilute our efforts by going on new ventures that could make us less efficient. It’s the number one priority,” Guiony said.