LVMH revenue up by 46%
French luxury giant LVMH has announced improved earnings for Q3, with revenues up 46 per cent compared to 2020.
The group said that organic revenue growth over the period was 40 percent compared to last year. Compared to 2019, organic growth was 11 percent, with trends in the third quarter, up 11 percent comparable to those of the first half, both by activity and by region.
The company added that the fashion & leather goods business group recorded organic growth of 38 percent compared to the third quarter of 2019, identical to that recorded over the first six months of the year. Fashion & leather goods also recorded organic revenue growth of 57 per cent in the first nine months of 2021 compared to the same period of 2020 and 38 per cent compared to 2019 to 21.3 billion euros.
The company said that growth in the third quarter remained exceptional compared to the third quarter of 2020, which marked a return to growth after a declining first half of 2020.
The group’s perfumes & cosmetics business group recorded organic revenue growth of 30 per cent while the watches and jewellery business group recorded organic revenue growth of 49 per cent in the first nine months of 2021 compared to the same period of 2020.
LVMH added that Sephora returned to its 2019 level of activity despite the tough commercial environment, marked by the closure of several stores during part of the year.
Online revenue also showed strong growth throughout the world.
In a statement, Chantal Gaemperle, the group’s director of HR and synergies, said: “At a time when the Covid-19 crisis has particularly affected the younger generations and impacted their employability, LVMH intends to accompany and support them in a concrete way to build their careers.”
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