Loewe sales jump 38% in 2021 to €456 million
Loewe closed 2021 with double-digit growth. The Spanish luxury fashion and accessories firm owned by the French LVMH group increased its sales to €456.2 million in the last fiscal year, which represented a growth of 38% compared to 2020 and 32% compared to 2019.
Meanwhile, operating income amounted to €82.25 million, compared to €5.5 million in 2020 and €44.3 million in 2019, according to the economic daily Expansión on the basis of results filed by the company with the Mercantile Registry.
Earnings were also on the rise. Loewe earned a total of €68.16 million in 2021, eight times more than in 2020 and 14.5% more than in 2019.
The division that brought in the most revenue for the company was retail, which accounted for €299 million (41 % year-on-year growth). The Asian market grew by 55% to €141.1 million; the Japanese market, which the company breaks down given its importance, increased its sales by 28% to €74.7 million; the European market rose by 26% to €59.2 million and the U.S. market grew by 50% to €23.9 million.
Loewe's multi-brand sales amounted to €111.6 million, up 28% from a year earlier, and online sales increased by 63% to €42 million. Other operating income of almost €52 million was also reported in the filed accounts, although their origin is not disclosed.
Against this backdrop, and after not having paid dividends to its parent company in 2020, Loewe will bring €75.62 million to the LVMH group, an amount resulting from the sum of its earnings (€68.16 million) and the €7.46 million of a final dividend.
Other milestones reported by the company include the creation of its subsidiary for South Korea in 2021 and the Spanish tax authorities' notice (as early as March 2022) of the commencement of an inspection on the payment of corporate income tax for the 2016 and 2017 financial years.
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