Financials

Tiffany & Co. Shines for LVMH in 2022

FinancialsJan 27, 2023

Tiffany & Co. Shines for LVMH in 2022

Acquired in 2021, the brand’s high jewelry sales have doubled and its new “Lock” collection was an instant hit.

20230127_Tiffany Lock.jpg
Tiffany & Co., acquired by LVMH in 2021, had a record year in 2022. Its new “Lock” collection, seen above, was especially popular.
Paris—LVMH had a strong year in 2022, posting record revenue growth in its fashion and leather goods segment.

The luxury titan reported double-digit revenue growth in the fourth quarter and its full year, with each of its business categories also up double digits for the year.

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

LVMH shined in spite of economic and geopolitical struggles.

LVMH put on a strong performance in the fourth quarter, reporting revenue growth of 13 percent year-over-year to €22.7 billion ($24.7 billion).

For the full year, revenue totaled €79.2 billion ($86.2 billion), up 23 percent year-over-year.

“Our performance in 2022 illustrates the exceptional appeal of our maisons and their ability to create desire during a year affected by economic and geopolitical challenges,” said LVMH CEO Bernard Arnault.

Fashion and leather goods account for the largest percentage of its revenue at 49 percent, followed by selective retailing and other activities (19 percent), then watches and jewelry at 13 percent.

Perfumes and cosmetics are in the No. 4 spot at 10 percent followed by wines and spirits at 9 percent.

Its jewelry and watch brands had a strong year.

The jewelry and watch category saw revenue climb 7 percent in the fourth quarter to €3 billion ($3.3 billion).

For the full year, revenue was up 18 percent to €10.6 billion ($11.5 billion).

LVMH’s jewelry portfolio includes Bulgari, Chaumet, Repossi, and Fred, as well as the recently acquired Tiffany & Co.

“The watches and jewelry business group showed strong momentum in 2022, driven by the powerful appeal of the jewelry maisons and the creativity of their iconic collections, as well as the expertise and capacity to innovate of the watchmaking maisons,” said LVMH in its annual report.

The company said it plans to continue the “selective development of [the brands’] retail networks, marketing, and brand activation through events and digital engagement.”

Asia, excluding Japan, makes up the largest portion of revenue in the category at 32 percent followed by the United States at 26.

Europe, excluding France, is next (15 percent) followed by other markets (13 percent), Japan (11 percent), and France (3 percent.)

Bulgari’s sales increased in the U.S., Europe, and Japan, with its “Serpenti” line and its high jewelry and high watches collections serving as the main growth drivers.

Its “Octo Finissimo Ultra” watch made headlines for breaking a world record for the thinnest watch.

Chaumet also had a “good year,” said LVMH, bringing its nature-inspired “Végétal” exhibition to Beaux-Arts of Paris.

As for LVMH’s watches, TAG Heuer debuted the “Carrera Plasma,” which features lab-grown diamonds.

Hublot garnered attention as the official timekeeper of the 2022 World Cup.

Zenith continued the expansion of its in-store and online distribution.

Tiffany & Co. had a record year.

Tiffany & Co. has been a bright spot on LVMH’s balance sheet since being integrated post-acquisition.

“In a year featuring many initiatives, Tiffany turned in an excellent performance and continued to grow its appeal,” said LVMH.

The brand recruited a number of celebrities in 2022, including Beyoncé, K-pop star Rosé, and Hailey Bieber.

It also introduced the CryptoPunk NFT pendants, which quickly sold out.

Revenue in the brand’s high jewelry segment doubled, said LVMH, due in part to events and a marketing campaign featuring brand ambassador Gal Gadot.

Its new Lock bracelet collection, which made its debut in North America, has been performing especially well, as has the brand’s other lines.

The “Vision & Virtuosity” exhibition, held at the Saatchi Gallery in London in the summer, highlighted the brand’s history and creativity over the last 185 years. 

“With openings of more than a dozen new or renovated stores featuring its latest retail concept in the fourth quarter, Tiffany demonstrated its commitment to ramping up the redesign of its store network,” noted LVMH.

Tiffany’s Fifth Avenue flagship store in New York is set to reopen in the first half of 2023 following its renovation.

 Related stories will be right here … 

LVMH saw “sharp increase” of revenue in the U.S.

LVMH saw strong growth in the U.S. as well as in Europe and Japan.

The U.S. remains LVMH’s second largest market in terms of revenue, just behind Asia. It accounted for 27 percent of total revenue in the full year, up from 26 percent in 2021.

Revenue in the U.S. was up 7 percent year-over-year in the fourth quarter and up 15 percent for the full year.

The Asia market, excluding Japan, was still feeling the impact of the COVID-19 situation in China in the fourth quarter, said LVMH.

Quarterly sales in the Asia market were down 8 percent in the fourth quarter and flat for the full year.

In Europe, quarterly sales rose 22 percent while full-year sales were up 35 percent. In Japan, revenue was up 29 percent in Q4 and up 31 percent for the full year.

LVMH is confident about the year ahead.

LVMH didn’t provide financial guidance for the fiscal year ahead, but is approaching it with confidence. 

“With the month of January having started well and despite an uncertain geopolitical and economic environment, LVMH is confident in its ability to continue the growth observed in 2022,” the company said.

As for its watch and jewelry category, the company said its goal is to continue gaining market share. 

LVMH plans to prioritize innovation, a targeted expansion of its network of directly operated stores and e-commerce, and to find new opportunities through its expanding digital presence.

The company wants to maintain its focus on sustainability and bolster its production capabilities.

Bulgari will start construction on its new jewelry manufacturing facility in Valenza, Italy, which will double production capacity at the site once completed. 

LVMH wants the facility to be powered entirely by renewable energy, with 40 percent of that energy generated internally. 

The company said it will continue to work on overall brand development and is “enter[ing] 2023 with confidence and once again, [setting] an objective of reinforcing its global leadership position in luxury goods.”

The Latest

Stock image of handcuffs
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry Heist

The heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.

Marie-Thérèse Pink diamond and Blue Belle sapphire necklace
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’s

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week. 

Caryl Capeci Starboard Cruises
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry Shopping

The Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Gresham grasshopper ring
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56K

The historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.

Weekly QuizJun 12, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Kirk Kara fine jewelry
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New Jewels

To mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.

Gemfields 36 Carat Ruby
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough Ruby

The gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Alex Brown
TechnologyJun 18, 2025
Alex Brown Named President of Smithee Group

Founder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.

Jade Ruzzo Gloria Collar
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1

Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.

Jewelry industry author, speaker, and sales expert Peter Smith
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?

If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.

Selection of jewelry from Sotheby’s New York High Jewelry sale
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry Sale

The top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.

Amanda Gizzi, Jewelers of America’s SVP of corporate affairs
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JA

Gizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.

Kering CEO Luca de Meo
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEO

Luca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.

Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las Vegas

Following visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.

Greenwich Street Jewelers Your Love Has the Perfect Ring Campaign
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ Couples

The “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.

Ivette Nersesyan-Stephanopoulos
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.

The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.

New York Liberty Nyara Sabally Catbird campaign
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand Ambassador

The New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.

Robinson Pelham Fruits of Love Pear Earrings
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear Earrings

Take a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.

Three diamonds with diagrams
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education Conference

The one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.

Ella Sophie
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella Sophie

The California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.

A pink gold Patek Philippe perpetual calendar chronograph Ref. 2499
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s

Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.

Gabriel Love Foundation Logo
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias Gabriel

The foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.

Celine Assimon
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins Bonhams

Assimon is the auction house’s new chief commercial officer.

De Beers CEO Al Cook speaking at JCK Las Vegas 2025
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and Tariffs

The De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”

Pandora Las Vegas ribbon cutting ceremony
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American Flagship

The Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.

Tiffany Stevens
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board Leader

Industry veteran Anoop Mehta is the new chairman and independent director of the IGI board.

×

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