The watches and jewelry division of French luxurious conglomerate Louis Vuitton Moët Hennessy (LVMH) noticed gross sales surge within the third quarter of 2021, pushed by robust outcomes from newly-acquired Tiffany & Co.
Within the three months to 30 September 2021, revenues for the division – which incorporates jewelry manufacturers Bulgari, Chaumet, and Fred, and watch producers TAG Heuer, Zenith, and Hublot, along with Tiffany & Co. – elevated by 125 per cent, reaching !2.14 billion ($A3.3 billion), based on the corporate’s most up-to-date monetary report.
Gross sales rose 90 per cent when put next with the identical interval in 2019; pre-pandemic; nonetheless, this determine doesn’t embrace gross sales from Tiffany, & Co. which was acquired in January this 12 months.
Excluding Tiffany’ & Co., gross sales elevated by 1 per cent when put next with 2019.
For the primary 9 months of the 12 months, jewelry and watch income rose 172 per cent and gross sales elevated 89 per cent in contrast with 2019. Excluding Tiffany & Co., that determine was 4 per cent.
Whereas LVMH doesn’t reveal particular person monetary outcomes for its companies, the corporate did be aware in an announcement, “Pushed by the rising success of its iconic merchandise, Tiffany loved a exceptional efficiency, significantly in its main market, the US.”
Since taking management of Tiffany & Co.,LVMH has pursued a number of high-profile advertising initiatives, together with launching a world marketing campaign with A-list performers Beyoncé and Jay-Z in September.
LVMH watches and jewelry division income buoyed by Tiffany & Co. initially appeared by way of www.jewellermagazine.com