Some of the largest companies in the luxury category have seen a strong start to 2021 but European sales have dragged behind, according to the latest company reports.
Global revenue on an organic and constant exchange rate basis rose 44% for Hermès, 30% for LVMH and 26% for Kering year on year in Q1 2021. All three companies also saw revenue grow above 2019's levels.
However, European sales in Q1 2021 were down for all three companies, suggesting an uneven recovery for luxury. Revenue from the region dropped 4% for Hermès, 9% for LVMH and 34% for Kering.
The...