Luxury Products Group LVMH Reports 32% Revenue Growth in Q1 After COVID-Related Losses

MOSCOW (Sputnik) – LVMH Moët Hennessy Louis Vuitton, a French multinational corporation that leads the world’s luxury goods market, said on Tuesday it had registered a 32-% revenue increase in the first quarter of this year, compared to the same period of 2020, which means the company returned to growth after a decline related to the pandemic.

“LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded revenue of 14 billion euros for the first quarter of 2021, up 32% compared to the same period in 2020 and up 30% on an organic basis. The quarter marks a return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic,” the press release read.

This year, however, LVMH’s Fashion and Leather Goods branch reported 52 percent organic revenue growth compared to the first quarter of 2020, and even outperformed the first quarter of pre-pandemic 2019, growing 37 percent in comparison. The group attributes the success to the creativity of brands like Louis Vuitton and Christian Dior.

The Wines and Spirits branch also experienced significant growth, outperforming the first quarter of both 2019 and 2020 by 36 percent and 17 percent respectively. Both the Hennessy cognac and champagne markets grew, particularly in Europe and the United States. LVMH reports that the Chinese market — the first to have been impacted by the pandemic — seems to be coming back strong.

Sourse: sputniknews.com