LVMH Reports Growth in Watch and Jewelry Businesses
October 18, 22
(IDEX Online) - LVMH reports a 23 per cent growth in revenue (16 per cent organic) for it watches and jewelry businesses in the first nine months of 2022.
The French luxury conglomerate said growth across all it sectors - including wines and spirits, fashion and leather goods, and perfumes and cosmetics - was 28 per cent for the same period, with a total revenue of $55.6bn.
LVMH (Louis Vuitton Moet Hennessy) said Tiffany & Co. was driven by strong momentum in the US and noted the success of its gender-neutral Lock diamond and gold bracelets (pictured), priced from $6,800 to $32,000.
It also said Bulgari continued to strengthen its collections and TAG Heuer had unveiled its new Caliber E4 - Porsche Edition smart watch. Hublot is official timekeeper the 2022 Football World Cup in Qatar.
In other LVMH news, CEO Bernard Arnault, the world's second richest man, has reportedly sold his private plane, after constant criticism on Twitter.