Tiffany & Co. Outperforms for LVMH in 1Q

RAPAPORT... Tiffany & Co. had a strong start to 2022 helping power growth at parent company LVMH, the luxury conglomerate said Wednesday. LVMH reported jewelry and watch sales rose 24% year on year to EUR 2.34 billion ($2.53 billion), driven by an exceptional performance by Tiffany and strong momentum from other brands such as Bulgari. The division saw 19% organic growth, which accounts for comparable structures and constant exchange rates, was 19%."Tiffany & Co. had an excellent start to the year, still driven by strong growth in the United States," LVMH said of the popular brand it acquired in January 2021. Tiffany's new Knot collection outperformed, while at Bulgari, the Serpenti line, high jewelry and watch collections, including the new Octo Finissimo Ultra watch, were the main drivers of growth. Chaumet and Fred also produced outstanding results, as did its watch portfolio, LVMH said.LVMH group revenue increased 29% to EUR 18 billion ($19.48 billion) during the quarter, while revenue rose 2% on an organic level. "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," the group said. The US and Europe achieved double-digit revenue growth. Operations in Asia continued to grow over the quarter despite the impact of a tightening of coronavirus restrictions in China in March.Image: Engagement ring boxes at Tiffany & Co., part of LVMH group. (Shutterstock)