Luxury products group LVMH remains confident in its sales growth despite revenues easing from the previous quarter, with organic revenue at the fashion and leather goods division rising 24% in the Q3 compared to the year prior.
Third-quarter organic revenue growth came in at 18% in the watches and jewellery division. Analysts expected 23%. Overall, LVMH’s 9-month sales of €44.2 billion ($51 billion) have surpassed 2019 levels.
The Group acquired US jeweller Tiffany & Co in January 2021, which reported significant contributions amid its new creative direction with an eye to attract younger consumers. Its latest campaign featured Beyonce and Jay-Z on digital billboards in New York City's Times Square.
Organic revenue at perfume and cosmetics sector had risen 19% in the third quarter from a year earlier.
LVMH's Chief Financial Officer Jean-Jacques Guiony "remains confident" in the continuation of the current growth within the context of a gradual exit from the health crisis. The brand said it will maintain a strategy focused on strengthening its global leadership position in luxury goods through its quality of products and distribution.