LVMH records 16% increase in revenue in 2011
The luxury products group released its full year results yesterday, which showed that its watches and jewellery business had recorded organic revenue growth of 23% in 2011.
Despite an uncertain economic climate, in 2011 the watches and jewellery sector reported revenue of €1,949m compared to €985m for the same period last year. The company has credited strong launches, such as the Tag Heuer Mikrograph and Mikrotimer Flying 1000, Hublot’s Masterpieces - a collection of grandes complications - and the integration of Bulgari, consolidated as of 30 June 2011, as reasons behind the growth in this sector.
“2011 was another great vintage for LVMH, highlighting once again the power of our brands, the excellence of our craftsmanship and the appeal of our products,” said Bernard Arnault, chairman and CEO of LVMH. “Our businesses enjoyed excellent momentum and profit from recurring operations passed the threshold of €5bn for the first time.”
The group’s focus for 2012 is to continue to expand within high potential markets such as Asia.