LVMH on the upswing

Luxury goods group reports positive results from its wine and spirits division.

LVMH with very good performance in all divisions / Graphic: LVMH
LVMH with very good performance in all divisions / Graphic: LVMH

The luxury goods group LVMH is coming through the crisis exceptionally well. The company reported that sales of its wine and spirits division rose by 36 percent to €1.51 billion in the first quarter of 2021 compared to the same period last year. 

The company's total turnover was €14 billion (up 30 percent), the biggest success factor being the fashion and leather goods division, which grew by 52 percent to €6.783 billion.

Of note, Champagne sales were up 22 percent compared to the first quarter of 2020, with good performance in Europe and the United States. Just last week, the Champagne Office USA reported dramatic declines.

Hennessy Cognac saw a 28 percent increase in volumes compared to 2020, while China, the first market to be affected by the pandemic, saw a strong rebound. Demand in the United States remained "robust." 

"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," the company's statement said. aw
 

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