Financials

Tiffany & Co., Bulgari Drive Jewelry Growth for LVMH

FinancialsOct 12, 2022

Tiffany & Co., Bulgari Drive Jewelry Growth for LVMH

LVMH’s jewelry and watch sales grew 25 percent in Q3, with Tiffany’s new “Lock” collection off to a “solid start” in the U.S.

20221012_LVMH header.jpg
A selection of rings from LVMH-owned Bulgari’s high jewelry collection, “Eden: The Garden of Wonders.” LVMH posted 27 percent revenue growth year-over-year in the third quarter.
Paris—LVMH had a strong third quarter, reporting double-digit organic revenue growth in every business category, from jewelry and watches to wines and spirits.

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

It was another solid quarter for LVMH.

LVMH put on a strong performance in the third quarter, reporting revenue growth of 27 percent year-over-year to €19.76 billion ($19.25 billion).

For the first nine months of the fiscal year, revenue was up 28 percent year-over-year to €56.49 billion ($55.05 billion).

That double-digit growth carried across every business category, with Tiffany & Co. and Bulgari standing out in its jewelry and watches category.

Sephora, part of LVMH’s selective retailing portfolio, recovered as store traffic increased, but its duty-free stores were still negatively impacted by health restrictions in key areas, including lockdowns in Hong Kong and Macao.

Jewelry and watch sales climbed double-digits.

Quarterly revenue in the watches and jewelry segment climbed 25 percent year-over-year to €2.67 billion ($2.6 billion).

For the first nine months, revenue in the category was up 23 percent to €7.58 billion ($7.38 billion).

LVMH’s jewelry portfolio includes Bulgari, Chaumet, Repossi, and Fred, as well as the recently acquired Tiffany & Co., which has boosted the category in the last few quarters.

Bulgari’s growth was driven by jewelry but the brand’s watches also performed well, said LVMH.

Bulgari held an exhibition in Shanghai, China, of its high jewelry and watch collection “Eden: The Garden of Wonders.”

Its “Bzero1” collection introduced more diamonds to its jewels.

The brand also announced that its manufacturing facility in Valenza, Italy, will be expanded alongside a high jewelry lab in Rome.

Bulgari is the subject of a new documentary on Amazon Prime called “Inside the Dream,” which follows Bulgari Creative Director Lucia Silvestri through the stages of high jewelry creation.

Chaumet unveiled “Ondeset Merveilles,” its first high jewelry collection entirely inspired by the sea.

Its “Végétal” exhibition in Beaux-Arts of Paris showcased its jewels while highlighting the nature that inspires their designs.

As for LVMH’s watch brands, TAG Heuer introduced the new Connected Calibre E4-Porsche edition and named skater and surfer Sky Brown as its new ambassador.

Hublot was named the official timekeeper of the 2022 FIFA World Cup, its fourth time receiving the honor, while Zenith launched the Chronomaster Original Pink for Breast Cancer Awareness Month.

Fred introduced its new “Embrace Your Force” campaign and held an exhibition in Palais de Tokyo in Paris.

Tiffany & Co.’s new “Lock” collection is a hit in North America.

Tiffany & Co., a newcomer to the LVMH jewelry family, held its own with a strong performance in the third quarter.

“Tiffany & Co. was driven by strong momentum in the United States,” said the company, while also noting that its “Vision & Virtuosity” exhibition at the Saatchi Gallery in London, celebrating the 185th anniversary of the house, was a “great success.”

Tiffany’s new Lock collection
debuted in August, featuring eight unisex bangle styles with a clever clasp.

“The new Lock collection with its innovative clasp is off to a solid start in North America,” said Christopher Hollis, LVMH’s director of financial communications, during an earnings call Tuesday afternoon.

Its “Knot” collection is rolling out internationally while its high jewelry collection “Blue Book” enjoyed a successful launch in Asia.

The brand welcomed back Beyoncé as the face of its new advertising campaign.

Tiffany has also been named the official designer of the League of Legends World Championship Trophy, adding an esports (video game) competition to the long list of trophies the brand designs.

 Related stories will be right here … 

LVMH’s revenue growth slowed in the U.S. but is recovering in Asia.

U.S. organic revenue was up 11 percent year-over-year in the third quarter, a significant decline from the 22 percent and 26 percent increases in the first and second quarters, respectively.

For the first nine months, revenue in the region was up 19 percent year-over-year.

The U.S. remains LVMH’s second largest market in terms of revenue, just behind Asia. It accounted for 26 percent of total revenue in the first nine months, up from 25 percent in the previous period.

“Europe, the United States and Japan, up sharply since the start of the year, benefitted from the solid demand of local customers and the recovery in international travel,” said LVMH.

Revenue growth in Europe was up 36 percent in the quarter and 43 percent in the first nine months.

In Japan, revenue climbed 30 percent in the quarter and 32 percent in the first nine months.

The Asia region recovered in the third quarter, up 6 percent, after health restrictions in Q2 sent revenue down 8 percent. For the first nine months, revenue in Asia inched up 2 percent.

LVMH has a confident outlook for the rest of the fiscal year.

The company did not provide specific financial guidance for the year ahead but communicated a positive outlook in spite of ongoing economic headwinds.

“LVMH is confident in the continuation of current growth and will maintain [the] objective of further strengthening its global leadership while staying vigilant in [the] context of macro and geopolitical uncertainties,” it said.

The company said it remains well-positioned to keep gaining market share and will see continued momentum in its online revenue and omnichannel developments.

Its focus going forward will be offering “innovative and high-quality” products and continued selective investments, including expanding its store network. 

The Latest

Bulgari’s expanded factory in Valenza, Italy
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in Italy

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Jason McNary accepting FGI Fine Jewelry Rising Star award for Paola Sasplugas
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ Award

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

1999 Cosmograph Daytona, Ref.16516
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to Auction

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

gia1d100 btyb.jpg
Brought to you by
Protect Your Customers and Your Business

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

Carmelo Anthony and Jaylen Brown David Yurman campaign
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen Brown

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

Weekly QuizApr 18, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Woman wearing Zales jewelry
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine Jewelry

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

JAR Apricot Blossom bracelet
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry Collection

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

gia-topimage 0325.jpg
Brought to you by
A Brilliant Future Is Here

Get online education from GIA experts.

National Jeweler columnist Lilian Raji
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of Mouth

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

Avi Levy
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth Officer

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

Scottsdale Fine Jewelers store exterior
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow Independent

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

Cartier Exhibition Installation at Victoria & Albert Museum
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Bill and Birdie Levine of Van Cott Jewelers
IndependentsApr 21, 2025
New York Jeweler to Close After 111 Years

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

IJO Director Samantha Larson
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise Strategy

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.

Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host Convention

The two organizations will hold the educational event together this fall in Mississippi.

Daymond John
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las Vegas

The entrepreneur and “Shark Tank” star will share his top tips for success.

Dukachi Easter Bread Pendant
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ Pendant

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

Bremer Jewelry
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated Store

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

Tiffany & Co. Strong Like Mom campaign
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day Campaign

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Athena Calderone x John Hardy Collection
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired Collection

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

Natural Diamond Council Diamond Learning Center Graphic
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning Center

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

Jewelers of America logo
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from Members

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.

Technology Therapy Group logo
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry Retailers

The online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.

Catbird Chicago
IndependentsApr 16, 2025
Catbird Expands to Chicago

The opening marks the jewelry retailer’s first location in the Midwest.

Foundrae United in Love Campaign
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through Love

The “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.

Robert and Rose-Marie Goodman outside Robert Goodman Jewelers
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-Up

Robert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.

Womens Jewelry Association WJA logo
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter President

The announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.

×

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