Profits from LVMH’s watches and jewelry division supported by Tiffany & Co.

0

The watch and jewelry division of the French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) recorded an increase in sales in the third quarter of 2021, driven by the good results of the new acquisition of Tiffany & Co.

During the three months ended September 30, 2021, the turnover of the division – which includes the jewelry brands Bulgari, Chaumet and Fred, and the watch manufacturers TAG Heuer, Zenith and Hublot, in addition to Tiffany & Co – grew 125%, reaching! 2.14 billion ($ A3.3 billion), according to the company’s latest financial report.

Sales increased 90% compared to the same period in 2019; pre-pandemic; however, this figure does not include sales of Tiffany, & Co. which was acquired in January of this year.

Excluding Tiffany ‘& Co., sales increased 1% compared to 2019.

In the first nine months of the year, jewelry and watch revenue grew 172% and sales increased 89% from 2019. Excluding Tiffany & Co., this figure was 4%.

Although LVMH does not disclose the individual financial results of its operations, the company noted in a statement: “Driven by the growing success of its iconic products, Tiffany has achieved a remarkable performance, particularly in its main market, the United States. United. “

Since taking control of Tiffany & Co., LVMH has pursued several large-scale marketing initiatives, including launching an international campaign with leading artists Beyoncé and Jay-Z in September.


Source link

Share.

Leave A Reply