"Impressive Growth" in LVMH's Watch and Jewelry Sales
July 30, 23
(IDEX Online) - LVMH reported an 11 per cent rise in jewelry and watch revenue to $6bn in the first half of this year, part of an "outstanding" set of results across all sectors.
The French luxury conglomerate said there had been "impressive growth" in high jewelry, in particular at its Tiffany, Bulgari, and TAG Heuer maisons.
LVMH recorded a total H1 revenue of $47bn in the first half of 2023, an increase of 15 per cent on H1 2022.
Bernard Arnault, chairman and CEO said: "The strong creative momentum and excellent distribution of our Maisons continued to inspire dreams, as demonstrated by the enthusiastic reception given to Pharrell Williams' first fashion show for Louis Vuitton as well as the reopening of the New York 'Landmark' of Tiffany & Co."
Profit from from recurring operations in watches and jewlery rose by 10 per cent to $1.2bn in the six months to June 30.
Bulgari celebrated the 75th anniversary of its iconic Serpenti collection and Chaumet and Fred experienced strong growth over the first half, LVMH said.
TAG Heuer, Hublot and Zenith unveiled many new products during LVMH Watch Week and the Watches & Wonders trade show.
Pic shows a Bulgari store