LVMH First Half Revenue Trebles, Tiffany Performs "Extremely Well"
August 02, 21
(IDEX Online) - LVMH sales of watches and jewelry more than trebled in the first half of 2021, the company said - up to $4.75bn.
The French luxury conglomerate said Tiffany & Co, which it acquired earlier this year for $16.2bn after prolonged negotiations, had performed extremely well.
"The first half saw the integration for the first time of iconic jewelry maison Tiffany, which has benefited from the new team's focus on its iconic products," said LVMH.
Its watches and jewelry business group recorded organic revenue growth of 71 per cent in the first half of 2021 compared to the same period in 2020, and five per cent compared to that in 2019 (excluding Tiffany).
Profit from recurring operations was up 122 per cent, compared to the first half of 2019 and 27 per cent excluding the Tiffany integration.
Bernard Arnault, chairman and CEO, said LVMH had enjoyed "an excellent half-year".