LVMH Watch and Jewelry Revenue Rises by 24%
April 19, 22
(IDEX Online) - LVMH says revenue from its watch and jewelry division jumped by 24 per cent in the first quarter of this year, up to $2.53bn. Organic growth was 19 per cent.
Overall earnings across all luxury groups rose 29 per cent, year-on-year, to $19.4bn, the French conglomerate said.
The newly-acquired jeweler Tiffany & Co. had "an excellent start to the year," it said, driven by strong growth in the US.
All its watchmaking maisons continued to see "strong momentum" and unveiled many new products at the Watches & Wonders Exhibition, in Geneva earlier this month.
In an earnings call LVMH (Louis Vuitton Moet Hennessy) said Russia and Ukraine represented tiny markets for its goods, so the war was having negligible impact.
Its jewelry brands had experienced little trouble sourcing diamonds in the light of US and EU sanctions on Russia, said group CEO Jean-Jacque.