Spanish luxury brand Loewe announced last month its fiscal 2021 sales lifted by double digits in both its Asian and Japanese markets, as the fashion house recorded earnings eight times bigger than it in fiscal 2020.
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Loewe, owned by France’s LVMH Group, increased its sales to EUR 456.2 million (USD 476.08 million) in the last fiscal year, representing a growth of 38 percent, compared to 2020, and 32 percent compared to 2019.
By region, Loewe’s Asia sales grew by 55 percent to EUR 141.1 million (USD 147.13 million), while the Japanese market, which the company reports separately due to its market importance, increased sales by 28 percent to EUR 74.7 million (USD 77.89 million). Furthermore, the European market rose by 26 percent to EUR 59.2 million (USD 61.73 million), and the U.S. market grew by 50 percent to EUR 23.9 million (USD 24.9 million).
The company’s retail channel, which accounted for EUR 299 million (USD 311.7 million) in sales, registered a 41 percent year-on-year growth, while its multi-brand sales amounted to EUR 111.6 million (USD 116.3 million), up 28 percent from a year earlier. Online sales increased by 63 percent to EUR 42 million (USD 43.79 million).
Earnings-wise, Loewe earned a total of EUR 68.16 million (USD 71.07 million) in 2021, eight times more than in 2020 and 14.5 percent more than in 2019. Meanwhile, operating income amounted to EUR 82.25 million (USD 85.76 million), compared to EUR 5.5 million (USD 5.73 million) in 2020 and EUR 44.3 million (USD 46.19 million) in 2019.
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During the twelve months, Loewe also opened its South Korean subsidiary. Taking over its former distributor, the house plans to build a closer relationship with the consumers in Korea, providing a more personal service with direct access to exclusive experiences, activities and the latest news.