Slowdown in LVMH Watch and Jewelry Sales
October 15, 23
(IDEX Online) - LVMH reported a slowdown in growth generally for Q3, and for watches and jewelry in particular.
Revenue for the sector was Є2.52bn ($2.65bn), up three per cent on the same period in 2022. That compares to growth in Q1 of 11 per cent and in Q2 of 14 per cent. Overall growth for the first nine months of the year was nine per cent.
The French luxury conglomerate reported nine per cent growth across all sectors for Q3, compared with a steady 17 per cent in both Q1 and Q2.
Only the wine and spirits sector fared worse than watches and jewelry in Q3, with a seven per cent drop in revenue.
LVMH noted among recent achievements the reopening of The Landmark store in New York store, two major new outlets in Tokyo, Fred launching its first first lab-grown blue diamonds, and Hublot's appointment as official timekeeper for the FIFA Women's World Cup in Australia.
The company said it remained confident of continuing growth, despite "an uncertain economic and geopolitical environment".
Pic shows watchmakers at Hublot, courtesy LVMH.