LVMH Watch & Jewelry sales rose by 40% in 2021 compared to the pandemic-ravaged prior year.
Revenue for the division also beat the 2019 figure by 7% on a like for like basis.
If Tiffany & Co 2021 sales are included, which are reported for the first full year as part of the Watch & Jewelry group, the division almost trebled revenue to €9 billion compared to €3.4 billion in 2020.
“Tiffany saw record performance in terms of revenue, profits and cash flow, and increased its global attractivity as a result of its high impact innovations and collaborations,” LVMH reports.
Bulgari jewellery and watches is the second largest brand after Tiffany.
TAG Heuer, Hublot and Zenith results are not reported individually, but Ricardo Guadalupe, Hublot’s CEO, told WATCHPRO this week that sales were higher last year than 2019 when Morgan Stanley said revenue was CHF 640 million. Mr Guadalupe said that Morgan Stanley estimates “are normally quite accurate”.
The LVMH financial report records that 2021 saw TAG Heuer inaugurate a major partnership with Porsche and successfully launched a Super Mario limited edition of its smartwatch for gaming enthusiasts.
Hublot had an excellent performance, particularly in the United States and China and new products at Zenith have been highly successful, the report concludes.
Total group revenue for the whole of LVMH reached €64,215 (including Tiffany), up 44% on 2020 and up 14% on 2019.
Sales for Selective retail, LVMH’s own stores, were still 18% lower than 2019 as their concentration in prime city centre locations around the world were affected by a lack of tourist spending and work from home orders keeping domestic customers away.
Looking ahead to this year, LVMH says it is confident in its ability to maintain its current growth momentum.
