Luxury products group LVMH Moët Hennessy Louis Vuitton on Tuesday (Oct. 12) said its revenue rose 46% from 2020 in the first nine months of the year to 44.2 billion euros (more than $51 billion), including organic growth of 40% from January through September year over year.
The company’s organic growth was up 11% from 2019 to 2021, led by the fashion and leather goods business group, which recorded 57% organic growth year over year and 38% organic growth over the same time two years ago. The group saw double-digit growth in both the U.S. and Asia during that time frame.
“Within the context of a gradual exit from the health crisis, the Group is confident in the continuation of the current growth,” LVMH said in its earnings report. “It will maintain a strategy focused on continuously strengthening the desirability of its brands, by relying on the authenticity and quality of its products, the excellence of their distribution and the reactivity of its organization.”
Louis Vuitton “performed remarkably well” in the first nine months of 2021, LVMH said, including strong showings for Christian Dior, Fendi, Loewe and Marc Jacobs. This year is the 200th anniversary of founder Louis Vuitton’s birth.
Mastercard projected last month in its SpendingPulse forecast that luxury purchases this holiday season will be nearly 93% higher than last year and up 56% compared to 2019. Jewelry, which is not included in Mastercard’s luxury category, is expected to see 59% year-over-year growth and 53% growth versus two years ago.
Read more: Mastercard Predicts 7.4% Retail Growth During Holiday Shopping Season
In July, LVMH grabbed a 60% stake in fashion brand Off-White LLC. Founder Virgil Abloh kept a 40% interest in Off-White and is now the brand’s creative director. Abloh’s collaboration with LVMH started in March 2018, when he was named the artistic director of the Louis Vuitton menswear collection.
Related news: LVMH Looks to Expand Reach of Luxury Retail Via Stake in Off-White Brand
Also this summer, Moët Hennessy, LVMH’s wine and spirits unit, and spirits firm Campari Group teamed on a digital commerce platform in a 50/50 joint venture headed by Marco Magnocavallo.
LVMH also continues to work with Cartier and Prada on the world’s first high-end blockchain, dubbed the Aura Blockchain Consortium.
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