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.

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.
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.”
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