The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Financials
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
CEO Beth Gerstein spoke about the growing appeal of its non-bridal fine jewelry and its expansion plans on its recent earnings call.
Latest in Financials
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
The luxury conglomerate owns Boucheron, Pomellato, DoDo, and Qeelin.
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While sales rose in the U.S. market, demand for watches and jewelry was slow in the U.K.
From lab-grown diamond sales to its holiday performance, these are the key takeaways from the jeweler’s 2023 performance.
Highlights included the opening of Tiffany & Co.’s new flagship and record revenue for TAG Heuer.
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The company pointed to a “volatile” holiday season and a challenging macroeconomic environment.
Buccellati, Cartier, and Van Cleef & Arpels propelled the luxury titan to its highest quarterly sales total ever.
The retailer is still expecting a strong holiday season with improving demand for natural diamonds.
The company said it is facing a “challenging retail environment” but is prepared for the holiday season.
Rising jewelry sales and a rebound in the Asia-Pacific region were the main growth drivers for the company as a whole.
In its recent third-quarter results, CEO Beth Gerstein also shared her holiday prediction for the upcoming season.
Sales increased 5 percent after a down quarter as the brand saw in-store traffic pick up.
Sales of pre-owned watches, however, grew 80 percent following the company’s rollout of the Rolex Certified Pre-Owned program.
However, the company’s jewelry brands seemed to hold their own.
The luxury titan pointed to softening luxury sales, especially in the U.S. and Europe.
Macroeconomic pressures like inflation and a decline in the number of people popping the question took a toll on the jeweler.
The company noted a “challenging environment for consumer discretionary products.”
Mother’s Day and “The Little Mermaid” helped make a difference, though the company’s U.S. sales are still lagging behind last year.
The retailer described early results as “encouraging” and said it will introduce the program in the U.K. in September.
The retailer reported a record-breaking number of orders for the quarter amid strong Mother’s Day sales but average order value declined.
The luxury titan also announced it acquired a 30 percent stake in Italian luxury brand Valentino and named a new CFO.
Despite its strong results, the luxury titan remained cautious about the rest of the year due to economic and geopolitical uncertainty.
The owner of Cartier and Van Cleef & Arpels also said online-only retailers are facing a “globally challenging environment.”
The jewelry giant noted lower-than-expected Mother’s Day sales and increasing macroeconomic pressures.
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