The LVMH Group has recorded a 29% year-on-year surge in revenues from €13.95bn (£11.62bn) to €18bn (£14.99bn) in the first quarter of 2022 (Q1 FY22), and a 23% rise in organic revenue.
LVMH said this was achieved against a backdrop of continued disruption from the health crisis and marked by ongoing events in Ukraine.
The Watches and Jewellery business group in particular reported revenue growth of 24% in Q1 FY22 and organic revenue growth of 19% compared to the same period of 2021, increasing from €1.88bn (£1.56bn) to €2.33bn (£19.46bn).
Overall, Tiffany and Co had an “excellent” start to the year, primarily driven by growth in the United States, and the new Knot collection was reportedly successful.
At Bulgari, the Serpenti line, high jewellery and watch collections were the main drivers of growth, and Chaumet and Fred had an excellent performance in the quarter.
The United States and Europe achieved double-digit revenue growth, and Asia continued to grow over the quarter despite the impact of a tightening of health restrictions in China in March.
Additionally, all business groups within LVMH achieved double-digit revenue growth, except for Wines and Spirits which continued to see supply constraints.
LVMH said: “In the current geopolitical context and in light of the ongoing impact of the pandemic, LVMH remains both vigilant and confident at the beginning of this year. The group will continue to pursue its strategy focused on the development of its brands, driven by strong innovation and investment as well as a constant quest for quality in its products.
“The LVMH Group is closely monitoring developments in Ukraine and the region. Its first priority was to ensure the safety of its employees in Ukraine and to provide them with all the necessary financial and operational assistance.”