Tiffany Growth Boosts LVMH in First Quarter

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