Luxury group LVMH has reported revenues of €14 billion for the first quarter of 2021, an increase of 32% compared to the troubled first quarter of 2020. This marks a return to growth after several quarters of decline during 2020, a year, LVMH pointed out on announcing the results, that was severely disrupted by the covid-19 pandemic. 

It said its leathergoods division, in particular, had achieved “an excellent start to the year” with record levels of revenue in spite of many markets still being affected by the pandemic, with ongoing store closures in a number of countries and the suspension of tourism.

Leathergoods and fashion brought in revenues of more than €6.7 billion for LVMH in the first quarter of 2021. It said this was an increase of 45% compared to the same quarter in 2020, but said the “organic change”, a calculation it makes assuming the same structure and constant exchange rates, was up by 52%.

If a comparison between the first quarters of this year and last is skewed by covid, LVHM pointed out that, in an organic comparison, the figure for 2021 is up by 37% compared to the one for the same quarter in covid-free 2019.

Its Louis Vuitton brand, enjoyed what the group called “a remarkable performance, driven by strong creativity”. In Japan, Louis Vuitton reopened its historic flagship store in the Ginza district of Tokyo following extensive renovation work.

Christian Dior also enjoyed a strong start to the year. The Lady Dior bag continued to be successful. Fendi unveiled the first collections by Kim Jones. Loro Piana presented its new collections. Celine had great success, it said, with the creations of Hedi Slimane. Loewe continued a successful expansion of lines created by creative director creative director, Jonathan Anderson. Marc Jacobs also performed well, it said.

These were the first quarterly results the group has published since completing its acquisition of Tiffany. 

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