LVMH: Growth continues at the same pace
Paris, October 12, 2021
LVMH Moët Hennessy Louis Vuitton, the world’s
leading luxury products group, recorded revenue of 44.2 billion
euros in the first nine months of 2021, up 46% compared to 2020.
Organic revenue growth over the period was 40% compared to 2020.
Compared to 2019, organic growth over the first nine months of 2021
was 11%, with trends in the third quarter (+ 11%) comparable to
those of the first half, both by activity and by region. The
Fashion & Leather Goods business group, which reached record
levels over the period, recorded organic growth of 38% compared to
the third quarter of 2019, identical to that recorded over the
first six months of the year. The United States and Asia continued
to see double-digit growth.
Revenue by business group:
Euro millions |
9 months 2020 |
9 months 2021 |
Change
2021/2020First 9
monthsPublished
Organic* |
Change 2021/2019First 9
monthsOrganic |
Wines & Spirits |
3 349 |
4 251 |
+ 27 % |
+ 30 % |
+ 10 % |
Fashion & Leather Goods |
13 934 |
21 315 |
+ 53 % |
+ 57 % |
+ 38 % |
Perfumes & Cosmetics |
3 674 |
4 668 |
+ 27 % |
+ 30 % |
- 2 % |
Watches & Jewelry |
2 266 |
6 160 |
x 2.7 |
+ 49 % |
+ 4 % |
Selective Retailing |
7 176 |
7 795 |
+ 9 % |
+ 13 % |
- 23 % |
Other activities and eliminations |
(51) |
(12) |
- |
- |
- |
Total LVMH |
30 348 |
44 177 |
+ 46 % |
+ 40 % |
+ 11 % |
* with comparable structure and exchange rates. The structural
impact for the Group compared to the first nine months of 2020 was
+10%, largely linked to the consolidation for the first time of
Tiffany & Co. The currency effect was -4%.
The Wines
& Spirits business group
recorded organic revenue growth of 30% in the first nine months of
2021 compared to the same period of 2020 and 10% compared to 2019.
Champagne volumes were up 7% compared to the first nine months of
2019. Growth was particularly strong in the United States and
Europe, which notably benefited over the summer from the reopening
of restaurants and the gradual recovery of tourism. Hennessy cognac
performed well with a 4% increase in volumes compared to 2019 while
being limited by supply constraints. China and the United States
experienced a strong rebound. The third quarter marked the
integration for the first time of the prestigious Champagne Maison
Armand de Brignac, in which LVMH has taken a 50% stake.
The Fashion & Leather Goods
business group recorded organic revenue growth of 57% in the first
nine months of 2021 compared to the same period of 2020 and 38%
compared to 2019. Growth in the third quarter of 2021 remained
exceptional compared to the third quarter of 2020, which marked a
return to growth after a declining first half of 2020. Louis
Vuitton, which is celebrating the 200th anniversary of the birth of
its founder, performed remarkably well, driven by constant
innovation and by the quality of its products. Christian Dior
showed exceptional momentum. The latest fashion shows
in Athens and Paris, highlighting the inspiring collections of
Maria Grazia Chiuri, received an outstanding reception. Following
its enormous success in Paris, London and Shanghai, the Christian
Dior, Designer of Dreams exhibition opened in New York. At Fendi,
Kim Jones' first collection was successfully rolled out in stores.
Celine enjoyed strong growth in its ready-to-wear and leather goods
lines created by Hedi Slimane. Loewe and Marc Jacobs also performed
very well.
The Perfumes & Cosmetics
business group recorded organic revenue growth of 30% over the
first nine months of 2021 compared to the same period of 2020. On
an organic basis, revenue was down 2% compared to the first nine
months of 2019. In an environment marked by a limited recovery in
international travel and the closure of many points of sale, the
major brands continued to be selective in their distribution, limit
promotions and grow online sales via their own websites. Christian
Dior benefitted from the huge success of the new Miss Dior Eau de
Parfum and Sauvage Elixir. The continued growth of the Collection
Privée, as well as the Prestige and Capture Totale skincare lines
also contributed to the rapid progress of the Maison. Guerlain
enjoyed an excellent performance, driven by its Abeille Royale and
Orchidée Impériale skincare lines. Maison Francis Kurkdjian
benefitted from the successful launch of the Aqua Cologne Forte
trio and the continued success of Rouge 540.
The Watches & Jewelry
business group recorded organic revenue growth of 49% in the first
nine months of 2021 compared to the same period of 2020 and 4%
compared to 2019 (excluding Tiffany, which was consolidated for the
first time in 2021). Driven by the growing success of its iconic
products, Tiffany enjoyed a remarkable performance, particularly in
its major market, the United States. Bvlgari rolled out its new
line of High Jewelry, Magnifica, and celebrated its Serpenti
creations at the Metamorphosis exhibition in Milan. Chaumet, the
first jeweler to have invested in 1812 on the legendary Place
Vendôme in Paris, launched a new High Jewelry collection, Torsade,
inspired by the movement of the frieze adorning the column of the
Place. In watchmaking, TAG Heuer successfully launched a limited
Super Mario edition of its smart watch for gaming enthusiasts.
In Selective
Retailing, organic revenue was up 13% compared to
the first nine months of 2020 and down 23% compared to the same
period of 2019. 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 showed
strong growth throughout the world. In addition to its own stores,
Sephora expanded its distribution in the United States with its
first Beauty spaces within Kohl's department stores. After signing
a partnership with the European online platform Zalando, Sephora
acquired the British online distributor Feelunique, which
specializes in prestige beauty. The expansion of its network
continued in Asia, particularly in China. DFS remained heavily
constrained by the very limited recovery in international travel to
most destinations. La Samaritaine, which reopened in June following
an ambitious renovation, is enjoying a promising start.
OUTLOOK
Within the context of a gradual exit from the
health crisis, the Group is confident in the continuation of the
current growth; it will maintain a strategy focused on continuously
strengthening the desirability of its brands, by relying on the
authenticity and quality of its products, the excellence of their
distribution and the reactivity of its organization.
LVMH is counting on the dynamic nature of its
brands and the talent of its teams to further strengthen its global
leadership position in luxury goods once again in 2021.
Apart from the items mentioned in this press
release, there were no events or changes during the quarter and as
of today's date that could significantly affect the Group's
financial structure.Regulated information related to this press
release and presentation are available on www.lvmh.com.
ANNEX
LVMH – Revenue by business group and by quarter
2021 Revenue
(Euro
millions) |
2021 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total |
First quarter |
1 510 |
6 738 |
1 550 |
1 883 |
2 337 |
(59) |
13 959 |
Second quarter |
1 195 |
7 125 |
1 475 |
2 140 |
2 748 |
23 |
14 706 |
First half |
2 705 |
13 863 |
3 025 |
4 023 |
5 085 |
(36) |
28 665 |
Third quarter |
1 546 |
7 452 |
1 642 |
2 137 |
2 710 |
25 |
15 512 |
First nine months |
4 251 |
21 315 |
4 668 |
6 160 |
7 795 |
(12) |
44 177 |
2021 Revenue (organic
growth compared to the same period of 2020) |
2021 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total |
First quarter |
+ 36 % |
+ 52 % |
+ 18 % |
+ 35 % |
- 5 % |
- |
+ 30 % |
Second quarter |
+ 55 % |
x 2.2 |
+ 67 % |
x 2.2 |
+ 31 % |
- |
+ 84 % |
First half |
+ 44 % |
+ 81 % |
+ 37 % |
+ 71 % |
+ 12 % |
- |
+ 53 % |
Third quarter |
+ 10 % |
+ 24 % |
+ 19 % |
+ 18 % |
+ 15 % |
- |
+ 20 % |
First nine months |
+ 30 % |
+ 57 % |
+ 30 % |
+ 49 % |
+ 13 % |
- |
+ 40 % |
2021 Revenue (organic
growth compared to the same period of 2019) |
2021 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total |
First quarter |
+ 17 % |
+ 37 % |
- 4 % |
+ 1 % |
- 30 % |
- |
+ 8 % |
Second quarter |
+ 7 % |
+ 40 % |
- 1 % |
+ 9 % |
- 19 % |
- |
+ 14 % |
First half |
+ 12 % |
+ 38 % |
- 3 % |
+ 5 % |
- 25 % |
- |
+ 11 % |
Third quarter |
+ 7 % |
+ 38 % |
0 % |
+ 1 % |
- 19 % |
- |
+ 11 % |
First nine months |
+ 10 % |
+ 38 % |
- 2 % |
+ 4 % |
- 23 % |
- |
+ 11 % |
2020 Revenue
(Euro
millions) |
2020 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total |
First quarter |
1 175 |
4 643 |
1 382 |
792 |
2 626 |
(22) |
10 596 |
Second quarter |
810 |
3 346 |
922 |
527 |
2 218 |
(26) |
7 797 |
First half |
1 985 |
7 989 |
2 304 |
1 319 |
4 844 |
(48) |
18 393 |
Third quarter |
1 364 |
5 945 |
1 370 |
947 |
2 332 |
(3) |
11 955 |
First nine months |
3 349 |
13 934 |
3 674 |
2 266 |
7 176 |
(51) |
30 348 |
2019 Revenue
(Euro
millions) |
|
2019 |
Wines & Spirits |
Fashion & Leather Goods |
Perfumes & Cosmetics |
Watches & Jewelry |
Selective Retailing |
Other activities and eliminations |
Total |
First quarter |
1 349 |
5 111 |
1 687 |
1 046 |
3 510 |
(165) |
12 538 |
Second quarter |
1 137 |
5 314 |
1 549 |
1 089 |
3 588 |
(133) |
12 544 |
First half |
2 486 |
10 425 |
3 236 |
2 135 |
7 098 |
(298) |
25 082 |
Third quarter |
1 433 |
5 448 |
1 676 |
1 126 |
3 457 |
176* |
13 316 |
First nine months |
3 919 |
15 873 |
4 912 |
3 261 |
10 555 |
(122) |
38 398 |
* Includes all Belmond revenue for the period from April to
September 2019.
LVMH
LVMH Moët Hennessy Louis Vuitton is represented
in Wines and Spirits by a portfolio of brands that includes Moët
& Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug,
Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays,
Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie,
Ardbeg, Belvedere, Woodinville, Volcán de Mi Tierra, Chandon,
Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle,
Newton, Bodega Numanthia, Ao Yun, Château d'Esclans and Château du
Galoupet. Its Fashion and Leather Goods division includes Louis
Vuitton, Christian Dior Couture, Celine, Loewe, Kenzo, Givenchy,
Fendi, Emilio Pucci, Marc Jacobs, Berluti, Loro Piana, RIMOWA,
Patou. LVMH is present in the Perfumes and Cosmetics sector with
Parfums Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums,
Perfumes Loewe, Benefit Cosmetics, Make Up For Ever, Acqua di
Parma, Fresh, Fenty Beauty by Rihanna and Maison Francis Kurkdjian.
LVMH's Watches and Jewelry division comprises Bvlgari, Tiffany
& Co, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred and
Hublot. LVMH is also active in selective retailing as well as in
other activities through DFS, Sephora, Le Bon Marché, La
Samaritaine, Groupe Les Echos, Cova, Le Jardin d’Acclimatation,
Royal Van Lent, Belmond and Cheval Blanc hotels.
“This document may contain certain forward
looking statements which are based on estimations and forecasts. By
their nature, these forward looking statements are subject to
important risks and uncertainties and factors beyond our control or
ability to predict, in particular those described in LVMH’s
Universal Registration Document which is available on the website
(www.lvmh.com). These forward looking statements should not be
considered as a guarantee of future performance, the actual results
could differ materially from those expressed or implied by them.
The forward looking statements only reflect LVMH’s views as of the
date of this document, and LVMH does not undertake to revise or
update these forward looking statements. The forward looking
statements should be used with caution and circumspection and in no
event can LVMH and its Management be held responsible for any
investment or other decision based upon such statements. The
information in this document does not constitute an offer to sell
or an invitation to buy shares in LVMH or an invitation or
inducement to engage in any other investment activities.”
LVMH CONTACTS
Analysts and investorsChris HollisLVMH+ 33 1 44 13
21 22 |
MediaJean-Charles TréhanLVMH+ 33 1 44 13 26
20 |
MEDIA CONTACTS |
|
FranceAymeric Granet Brune Diricq / Charlotte
MarinéPublicis Consultants+ 33 1 44 82 47 20 |
FranceMichel Calzaroni / Olivier Labesse / Hugues
Schmitt / Thomas Roborel de ClimensDGM Conseil+ 33 1 40 70 11
89 |
ItalyMichele Calcaterra, Matteo SteinbachSEC and
Partners+ 39 02 6249991 |
UKHugh Morrison, Charlotte McMullenMontfort
Communications+ 44 7921 881 800 |
USNik Deogun / Blake SonnensheinBrunswick Group+ 1
212 333 3810 |
ChinaDaniel JeffreysDeluxewords+ 44 772 212 6562+
86 21 80 36 04 48 |
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