Tiffany’s ‘Record’ Revenue Boosts LVMH

RAPAPORT… Sales of jewelry and watches at LVMH surged 167% in 2021 amid Tiffany & Co.’s first year within the group and a strong performance at the conglomerate’s other brands.

Revenue from the segment soared to EUR 8.96 billion ($10.11 billion) as Tiffany’s sales reached “record” levels, LVMH said last week. The luxury retailer cited the success of Tiffany’s annual Blue Book collection of high-end jewelry, as well as good momentum at Bulgari and Chaumet. Sales across the category jumped 103% versus 2019.

Comparable-store sales — at locations open for at least a year — for the jewelry and watch division jumped 40%. Relative to 2019, sales climbed 7% by the same measure, the company, which acquired Tiffany in January 2021, noted.

Profit reached EUR 1.68 billion ($1.89 billion), nearly six times that of 2020. The increase was due to the addition of Tiffany as well as a low base of comparison with the previous year, when Covid-19 hampered sales. Profit also skyrocketed 128% versus 2019, LVMH added.

In the fourth quarter, revenue from jewelry and watches grew 21% year on year in organic terms to EUR 2.8 billion ($3.16 billion) and was 18% higher than in 2019.

Group revenue for 2021 rose 44% to EUR 64.22 billion ($72.45 billion), with net profit increasing 107% to EUR 17.15 billion ($19.35 billion).

Image: Tiffany’s flagship store on Fifth Avenue in New York. (Shutterstock)