Sales at LVMH’s Watches & Jewelry business group grew by 19%, year on year, in the first three months of 2022, a financial statement released this week records.
Turnover hit €2.34 billion for the quarter, up from €1.88 billion in 2021.
The first quarter of 2021 was affected by fresh lock downs in many Western markets as the delta variant of covid took hold.
This year headwinds have come from Russia’s invasion of Ukraine and rising inflation.
LVMH stopped supplying Russia in the early days of the war.
for the whole of LVMH, revenue came in at €18 billion for the first quarter, up 29% compared to the same period in 2021.
Organic revenue growth was 23%.
“LVMH had a good start to the year against a backdrop of continued disruption from the health crisis and marked by the dramatic events in Ukraine,” a statement says.
All business groups achieved double-digit revenue growth, except for Wines & Spirits, which continued to see supply constraints.
The United States and Europe achieved double-digit revenue growth.
Asia continued to grow over the quarter despite the impact of a tightening of health restrictions in China in March.
LVMH completed the acquisition of Tiffany & Co in January last year, and the retailers is said to have had “an excellent start to the year, still driven by strong growth in the United States”.
At Bulgari, the Serpenti line, high jewellery and watch collections, including the new Octo Finissimo Ultra watch, were said to have been the main drivers of growth.
All of LVMH’s watchmaking maisons — TAG Heuer, Hublot and Zenith — continued to see strong momentum, the group describes.
