LVMH’s Q1 Jewelry, Watch Sales Up 24%

FinancialsApr 14, 2022

LVMH’s Q1 Jewelry, Watch Sales Up 24%

New addition Tiffany & Co. had an excellent start to the year, the luxury titan said.

Tiffany & Co., an LVMH-owned brand, put on a strong performance in the luxury conglomerate’s first quarter.
Paris—LVMH started off its fiscal year on a high note, reporting strong double-digit revenue growth in its first quarter.

Here are five important takeaways from the luxury titan’s most recent earnings report.

It’s a strong start to the year for LVMH.

LVMH put on a strong performance in the first quarter, reporting revenue growth of 29 percent year-over-year to €18 billion ($19.6 billion).

That double-digit growth carried across every business category, except its wine and spirits division due to supply constraints.

LVMH did not share financial guidance for the year ahead but said it remains “both vigilant and confident” in light of the pandemic and geopolitical crises.

“LVMH relies on the talent and motivation of its teams, the diversity of its businesses, and the geographical balance of its revenues to further strengthen its global leadership position in luxury goods in 2022,” said the company.

Jewelry and watch sales hold strong post-Tiffany acquisition.

Revenue in the watches and jewelry segment climbed 24 percent year-over-year to €2.34 billion ($2.55 billion).

Its jewelry brand portfolio includes Bulgari, Chaumet, Repossi, and Fred, as well as the recently acquired Tiffany & Co.

The category has received a strong boost in recent quarters following LVMH’s acquisition of Tiffany, which closed in January 2021.

The storied brand had an “excellent start to the year,” said LVMH, and posted especially strong growth in the United States.

Its “Knot” collection, which features a knot design on bangles, earrings, rings, pendants, and a choker, saw particular success.

Bulgari’s growth was driven by its high jewelry and watch collections, as well as its Serpenti line, said LVMH.

Additionally, Chaumet and Fred put on an “excellent performance.”

Chaumet’s “Joséphine” and “Liens” lines did well while Fred opened a new flagship in Singapore.

The Tiffany & Co. brand is strong.

Tiffany is a top brand among LVMH’s jewelry houses, receiving special attention, as did Bulgari, in its earnings presentation.

The “Knot” collection was a strong performer, alongside Tiffany’s high jewelry offerings.

Its relaunch of designs by famed jeweler Jean Schlumberger also did well.

The company launched a new campaign for its HardWear line, featuring K-pop superstar Rosé.

Its celebrity ambassadors include Anya Taylor-Joy, Tracee Ellis Ross, and Eileen Gu.

 Related stories will be right here … 

Recently, the jeweler jokingly announced it would be getting into the cryptocurrency game, launching TiffCoin as an April Fool’s joke.

It later released 499 physical 18-karat gold Tiffcoins, priced at $9,999, individually numbered and engraved with a Tiffany “T.”

The brand joined Signet Jewelers and Brilliant Earth in refusing to purchase Russian diamonds in light of the Russian invasion of Ukraine.

There’s a lot of newness from its watch brands.

LVMH’s watch brand portfolio includes TAG Heuer, Hublot, and Zenith.

Its watch brands “continued to see strong momentum,” said LVMH, and unveiled several new timepieces at the recent Watches & Wonders show in Geneva.

TAG Heuer introduced five new watches at the trade show, including its first solar-powered watch.

The brand also debuted the Carrera Plasma, which features lab-grown diamonds, including an entirely diamond crown at 3 o’clock.

Hublot launched The Big Bang Unico Ledger in partnership with cryptocurrency company Ledger, and Zenith introduced the new Chronomaster Open and Chronomaster Sport models.

Bulgari also recently released the new Octo Finissimo Ultra watch.

The U.S. region posted double-digit growth.

The United States is LVMH’s second-largest market in terms of revenue, just behind Asia.

The U.S. accounted for 24 percent of revenue, up from 23 percent in the previous first quarter.

U.S. organic revenue was up 26 percent, compared with 23 percent growth last year.

Japan and Europe also posted double-digit organic revenue growth.

Asia, excluding Japan, reported revenue growth of 8 percent, a significant difference compared with 86 percent growth in the previous first quarter.

“Asia continued to grow over the quarter despite the impact of a tightening of health restrictions in China in March,” said LVMH.

The Latest

AuctionsMar 27, 2023
Jewels to Shine in Upcoming ‘Golden Age’ of Hollywood Auction

The Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.

MajorsMar 27, 2023
Pandora Promotes GM to Chief of Retail Operations

Massimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.

Events & AwardsMar 27, 2023
Registration Is Open for the HardRock Summit

AGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.

Brought to you by
Full Disclosure at Your Fingertips

Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.

AuctionsMar 24, 2023
Piece of the Week: The $5.8M Patek Philippe ‘Sky Moon Tourbillon’

Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.

Weekly QuizMar 23, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Lab-GrownMar 24, 2023
Lightbox Promotes General Manager to COO

Adam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.

WatchesMar 23, 2023
Which Brands Do Watch Enthusiasts Love Most? Chrono24 Takes a Look

The watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

SourcingMar 23, 2023
Burgundy Diamond Backing Out of Ellendale Mine Deal

Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.

GradingMar 23, 2023
GCAL Introduces 8X Cut Grade for Proprietary Cuts

Patented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.

Events & AwardsMar 23, 2023
Diamonds Do Good Names 2023 Award Recipients

The organization said it will recognize those who exemplify the idea that doing good is good business.

CollectionsMar 22, 2023
Messika’s 2023 Campaign Pairs New Jewelry With Vintage Cars

Kendall Jenner once again is fronting the French brand’s campaign, joined by model and dancer Alton Mason.

Events & AwardsMar 22, 2023
Hari Krishna Exports Hosts Gala Amid UN Water Conference

The CEOs of Signet, Helzberg, and GIA spoke on a water conservation panel, and had lakes named in their companies’ honor.

Policies & IssuesMar 22, 2023
See Kwiat’s Bracelet for World Water Day

Sales of the sleek sterling silver and diamond design will go to nonprofit organization charity: water.

AuctionsMar 21, 2023
Marlene Dietrich’s Van Cleef & Arpels Bracelet Going Up for Auction

Expected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.

ColumnistsMar 21, 2023
Squirrel Spotting: Customer Retention Mindset—The New CRM

With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.

Events & AwardsMar 21, 2023
ASJRA’s May Conference Examines ‘Iconic’ Jewelry Companies

Jewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.

IndependentsMar 21, 2023
Borsheims Executive Jennifer Johnson Retires

Johnson joined the retailer in 1987, establishing its first human resources department.

Recorded WebinarsMar 20, 2023
Watch: Lab Grown Diamonds: What's Now? What's New? What's Next?

Supplier Spotlight Presented by IGI

Events & AwardsMar 20, 2023
Gem Awards Shine Spotlight on Design, Dedication, and Family

The industry gathered to celebrate those who elevate the jewelry and watch industries.

CrimeMar 20, 2023
Jewelry Crime Reached Record Level in 2022, JSA Says

At JSA’s annual luncheon, President John J. Kennedy said the organization recorded more than 2,000 cases last year.

CollectionsMar 20, 2023
A New Book on Chanel Is a High Jewelry Lover’s Dream

It highlights Gabrielle “Coco” Chanel’s lasting influence on modern design.

Recorded WebinarsMar 17, 2023
Watch: Lessons From Gems

Jewelers of America’s Amanda Gizzi explores the qualities and accomplishments that make this year’s Gem Award nominees shine.

Events & AwardsMar 17, 2023
JCK Industry Fund Announces Grant Recipients

Here’s what the nine chosen organizations plan to do with the funds.

TrendsMar 17, 2023
Piece of the Week: Anita Ko’s Award-Ready Earrings

The designer is nominated for a Gem Award for Jewelry Design.

FinancialsMar 16, 2023
Brilliant Earth Took a Record Number of Orders in 2022

In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.

Events & AwardsMar 16, 2023
Amanda’s Style File: Sparkling Gems

See 15 fabulous pieces from the 2023 Gem Award for Jewelry Design nominees: Anita Ko, Kirsty Stone, and Ron Anderson and David Rees.


This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy