Financials

LVMH’s Jewelry, Watch Sales Up 11% in H1

FinancialsJul 26, 2023

LVMH’s Jewelry, Watch Sales Up 11% in H1

Despite its strong results, the luxury titan remained cautious about the rest of the year due to economic and geopolitical uncertainty.

Bulgari sapphire and diamond necklace
This Bulgari necklace, set with a 118.35-carat unheated Sri Lankan sapphire, sold for $3.4 million at a recent Phillips auction. Bulgari is part of LVMH’s watch and jewelry portfolio, which posted 11 percent revenue growth in the luxury titan’s recent first-half results.
Paris—LVMH posted strong results for the first half of its fiscal year, reporting double-digit revenue growth.

From jewelry and watches to perfumes and cosmetics, all the luxury titan’s business groups also reached double-digit organic revenue growth in the first half of the year, with the exception of wine and spirits, which faced tough comps.

Despite strong H1 results, LVMH hesitated to give fiscal guidance amid an uncertain economic and geopolitical environment.

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

LVMH put on a solid first-half performance.

LVMH had a strong performance in the first half, reporting revenue growth of 15 percent year-over-year to €42.24 billion ($46.64 billion).

For the second quarter, revenue was up 13 percent year-over-year to €21.2 billion ($23.41 billion).

“LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty,” said Bernard Arnault, chairman and CEO of LVMH.

Given said uncertainty, the company did not provide guidance for the year ahead.

“Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023,” said Arnault.

Jewelry and watch sales were strong.

In the first half, revenue in the watches and jewelry segment was up 11 percent year-over-year to €5.43 billion ($6 billion).

In the second quarter, revenue in the category totaled €2.84 billion ($3.14 billion), up 10 percent year-over-year.

Its jewelry portfolio includes Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.

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

“Jewelry saw solid ongoing growth,” said Christopher Hollis, LVMH’s director of financial communications, during an earnings call Tuesday afternoon.

Bulgari posted “excellent growth,” the company noted, highlighting the success of its new “Mediterranea” high jewelry collection.

The brand has been celebrating the 75th anniversary of its “Serpenti” line at events in New York, Los Angeles, Shanghai, Seoul, and Madrid.

Chaumet added new products to its “Liens Evidence” line while Fred continued to expand into new markets, with both brands experiencing “strong growth.”

Tiffany & Co. is celebrating the success of its new flagship.

Tiffany & Co. is riding high off the momentum of its newly renovated New York City flagship, dubbed “The Landmark.”

The store opening made headlines, with LVMH stating, “The Landmark has once again become an emblematic venue for New York life.”

The subsequent fire that broke out near the building shortly after its opening day also garnered attention. Two people suffered minor injuries, but the flagship was ready to open for business shortly after.

Nathalie Verdeille, the brand's new artistic director, designed “Out of the Blue,” her first high jewelry collection.

Tiffany also continued the global rollout of its “Lock” collection, promoted by K-pop star Rosé.

The brand also recently announced its acquisition of the “Tiffany Muzo Emerald,” a rare, more than 10-carat, rectangular square-cut emerald from the Muzo mines in Colombia.

Tiffany has also made progress on its sustainability journey, recently receiving approval from the Science Based Targets initiative (SBTi) on its net-zero emissions target

 Related stories will be right here … 

LVMH’s watch brands showed “excellent innovation.”

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

“There was some excellent innovation at the watch brands,” said Hollis on the call.

TAG Heuer has been celebrating the 60th anniversary of its Carrera watch, recently re-introducing the Carrera Skipper.

Hublot partnered with artist Takashi Murakami on a collection of 13 NFT-linked unique watches.

Zenith expanded its “Defy” collection and is developing its historic “Pilot” line.

Bulgari’s watches, particularly the high-end models, have also been performing well.

U.S. sales rose in H1, despite a slip in Q2. 

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, down from 27 percent in the previous first half. 

U.S. organic revenue was up 3 percent in the first half, despite a slowdown in Q2, when revenue slipped 1 percent. 

LVMH touted “strong growth” in Europe (up 22 percent) and Asia (up 23 percent). In Japan, revenue in the first half climbed 31 percent. 

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