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

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

QVC Group Inc. logo
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Eggs on a shelf
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ Outlook

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Richard Rainsford memorial ring
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Christies regent kashmir sapphire and regal Burmese ruby
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat Ruby

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

Diamond earrings held in gloved hand
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft Recovered

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

Emmanuel Raheb CEO of Smart Age Solutions
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More Jewelry

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

Pomellato Nudo High Jewelry Campaign
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic Design

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

Jamie Singleton, Bill Brace, Rebecca Wooters, Bill Luth
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid Turnaround

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

×

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