LVMH shares rise after strong sales led by Louis Vuitton and Dior
The fashion and leather goods category posted 52% growth compared with 2020
Luxury goods company LVMH saw its shares rise to record highs after it posted sales figures that showed it had recovered far more quickly than expected early this year.
LVMH shares were up by 2.7% in early session trading, hitting new record levels, and also lifting up the shares of rival luxury goods companies such as Kering and Hermes.
It also helped boost Burberry 1.8% higher in London on hopes that the rebound in luxury buying wasn't limited to just the French house.
LVMH’s shares are up by around 20% since the start of 2021.
LVMH posted first-quarter revenues that even surpassed levels in 2019, before the pandemic.
Its like-for-like sales, which doesn’t count the effect of currency changes and its acquisition of US jeweller Tiffany, rose by 30% year-on-year in the three months to March to €14bn ($16.75bn, £12.15bn) and 8% compared to 2019.
The fashion and leather goods category posted 52% growth compared with 2020, led by brands Louis Vuitton and Dior being the main drivers, with performance strength across the handbag, ready-to-wear and shoe categories, chief financial officer Jean-Jacques Guiony said.
He also noted strong performances at Fendi, Loewe, Celine and Marc Jacobs.
Watches and jewellery rose 35% and the perfumes and cosmetics division climbed 18%.