Tiffany Propels LVMH Jewelry Sales

RAPAPORT... Jewelry and watch sales at LVMH rose in the first quarter, buoyed by the inclusion of Tiffany & Co. for the first time.Revenue for the category surged 138% year on year to EUR 1.88 billion ($2.24 billion) for the three months ending March 31, the company said Tuesday. The quarter is the first to incorporate sales from Tiffany, which the French luxury conglomerate purchased in January. LVMH also benefited from a favorable comparison with the same period in 2020, which was affected by global closures due to the coronavirus pandemic. Sales rose 1% compared to the first quarter of 2019."The quarter marked the integration for the first time of the iconic jewelry maison Tiffany & Co., which saw an excellent start to the year," LVMH said.LVMH also noted a solid performance at Bulgari, which launched its new Serpenti Viper collection, as well as new offerings from Chaumet and Fred. A partnership between watch brand TAG Heuer and Porsche also bolstered the segment, LVMH explained. Group sales for the first quarter - including jewelry, wines and spirits, fashion, and cosmetics - jumped 32% year on year to EUR 13.96 billion ($16.6 billion), and 8% versus 2019.The US and Asia had a strong performance, while European markets are still affected by Covid-19 closures and restrictions. However, LVMH believes it will see continued growth through the year."In a context that remains turbulent, LVMH is well-equipped to build upon the hoped-for recovery in 2021 and regain growth momentum for all its businesses," it said.Image: Tiffany jewelry gift boxes. (Shutterstock)