Tiffany & Co has enjoyed a record year in its first year under the LVMH umbrella, IDEX Online reports. LVMH, owner of global luxury jewelry brands including Louis Vuitton, Christian Dior, Sephora and Fendi , acquired Tiffany for $15.8 billion a year ago.
LVMH reported revenue of $71.5 billion from all its brands – a 44% year-on-year rise, adding that Tiffany’s “profit from recurring operations was almost six times higher than in 2020 and up 128% compared to 2019.” LVMH’s watches and jewelry business group marked revenue growth of 167% year-on-year in 2021 “thanks to Tiffany’s remarkable performance,” according to the report.
LVMH also said: “For its first year in the group, Tiffany saw record performance in terms of revenue, profits and cash flow, and increased its global attractiveness as a result of its high impact innovations and collaborations.”
