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€623 -2.5  -0.4%

Last Trade - 18/05/21

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £97.01bn
Enterprise Value £142.32bn
Revenue £38.39bn
Position in Universe 8th / 850

Chistian Dior: Good start to the year for Christian Dior

Tue 13th April, 2021 6:34pm
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Good start to the year for Christian Dior

Paris, April 13(th), 2021

The Christian Dior group recorded revenue of 14 billion euros for the first
quarter of 2021, up 32% compared to the same period in 2020 and up 30% on an
organic basis. The quarter marks a return to growth after several quarters of
decline during 2020, a year that was severely disrupted by the global
pandemic. Organic revenue grew 8% compared to the first quarter of 2019.

All activities contributed to the good performance of the Group, with the
exception of Selective Retailing, which was still impacted by the restrictions
on international travel. Fashion & Leather Goods, in particular, had an
excellent start to the year and achieved record levels of revenue. The United
States and Asia enjoyed strong growth, while Europe is still affected by the
crisis due to the impact of store closures across several countries and the
suspension of tourism.

Revenue by business group:

 Euro millions                      Q1 2021  Q1 2020  % Change Q1 2021/Q1 2020   Reported Organic*      % Change Q1 2021/2019   Organic*  
 Wines & Spirits                    1 510    1 175    + 29 %                   + 36 %                   + 17 %                            
 Fashion & Leather Goods            6 738    4 643    + 45 %                   + 52 %                   + 37 %                            
 Perfumes & Cosmetics               1 550    1 382    + 12 %                   + 18 %                   - 4 %                             
 Watches & Jewelry                  1 883    792      + 138 %                  + 35 %                   + 1 %                             
 Selective Retailing                2 337    2 626    - 11 %                   - 5 %                    - 30 %                            
 Other activities and eliminations  (59)     (22)     -                        -                        -                                 
 Total                              13 959   10 596   + 32 % **                + 30 %                   + 8 %                             

* With comparable structure and constant exchange rates. 
** The currency effect was -6% and the structural impact (linked entirely to
the consolidation of Tiffany & Co. for the first time) was + 8%.

The Wines & Spirits business group recorded organic revenue growth of 36% in
the first quarter of 2021 compared to the same period of 2020 and 17% compared
to that of 2019. Champagne volumes were up 22% compared to the first quarter
of 2020, with good performances in Europe and the United States. Hennessy
cognac saw its volumes increase by 28% compared to 2020. China, which is the
first market to have been affected by the pandemic, experienced a strong
rebound. Demand in the United States remained robust. Despite a good start to
the year, it continues to be an uncertain environment.

The Fashion & Leather Goods business group achieved organic revenue growth of
52% in the first quarter of 2021 compared to the same period of 2020 and 37%
compared to that of 2019. Louis Vuitton, driven by its strong creativity,
enjoyed a remarkable performance. The timelessly elegant Capucines bag was
showcased and several innovations were unveiled during the runway shows. In
Japan, Louis Vuitton reopened its historic flagship store in the Ginza
district of Tokyo following extensive renovation work. Christian Dior enjoyed
an excellent start to the year. The Lady Dior bag continued to be very
successful and the new ready-to-wear collections have had an excellent
reception. Fendi unveiled the first collections by Kim Jones. Loro Piana
presented its new collections. Celine had great success with the creations of
Hedi Slimane. Loewe continued its very successful expansion of the lines
created by J.W. Anderson. Marc Jacobs performed very well.
   
In Perfumes & Cosmetics, organic revenue grew 18% in the first quarter of 2021
compared to the same period in 2020 and was down 4% compared to the same
period in 2019. The major brands continued to be selective in their
distribution and limit promotions. They benefited from the continued growth in
online sales from local customers, which offset the impact of the suspension
of international travel and the closure of many points of sale. Christian Dior
confirmed its success in make-up with the new Rouge Dior. Dior fragrances,
notably Sauvage, Miss Dior and the new J’Adore Infinissime, maintained their
momentum across all markets. Guerlain continued to benefit from the success of
its Abeille Royale skincare line. Benefit’s new mascara with a lengthening
effect enjoyed an excellent reception.

The Watches & Jewelry business group recorded organic revenue growth of 35% in
the first quarter of 2021 compared to the same period of 2020 and 1% compared
to that of 2019. The quarter marked the integration for the first time of the
iconic jewelry Maison, Tiffany & Co, which saw an excellent start to the year.
Several innovations were unveiled at other brands during the quarter,
including the Serpenti Viper collection by Bvlgari, the new Joséphine
creations by Chaumet and the Pretty Woman collection by Fred. In watchmaking,
TAG Heuer announced a major collaboration with Porsche, including launching
the TAG Heuer Carrera Porsche Chronograph.

In Selective Retailing, organic revenue declined 5% in the first quarter of
2021 compared to the first quarter of 2020 and 30% compared to that of 2019.
Sephora performed well in a commercial environment that is still impacted by
store closures in several countries across Europe. Online sales progressed
well throughout the world. DFS continued to experience a significant decline
in activity in most destinations due to the lack of international travel.

In a context that remains turbulent, the Christian Dior group is well-equipped
to build upon the hoped-for recovery in 2021 and regain growth momentum for
all its businesses. The Group will continue to pursue its strategy focused on
the development of its brands, driven by strong innovation and investment as
well as by a constant quest for quality in their products and their
distribution. The Group relies on the talent and motivation of its teams, the
diversification of its businesses and the geographical balance of its revenue
to further strengthen its global leadership position in luxury goods in 2021.



This document is a free translation into English of the original French
financial release dated April 13, 2021.
It is not a binding document. 
In the event of a conflict in interpretation, reference should be made to the
French version, which is the authentic text.



This financial release is available on our website www.dior-finance.com.

“This document may contain certain forward looking statements which are
based on estimations and forecasts. By their nature, these forward looking
statements are subject to important risks and uncertainties and factors beyond
our control or ability to predict, in particular those described in Christian
Dior’s Annual Report which is available on the website
(www.dior-finance.com). These forward looking statements should not be
considered as a guarantee of future performance, the actual results could
differ materially from those expressed or implied by them. The forward looking
statements only reflect Christian Dior’s views as of the date of this
document, and Christian Dior does not undertake to revise or update these
forward looking statements. The forward looking statements should be used with
caution and circumspection and in no event can Christian Dior and its
Management be held responsible for any investment or other decision based upon
such statements. The information in this document does not constitute an offer
to sell or an invitation to buy shares in Christian Dior or an invitation or
inducement to engage in any other investment activities.”


Attachment
*     Christian Dior Q1 Revenue 2021 VA
(https://ml-eu.globenewswire.com/Resource/Download/e0c53fb8-03b3-4c3b-a5a5-41607e3ef2ab)
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