FinancialsAug 31, 2023
Signet’s Q2 Same-Store Sales Fall 12% FinancialsOct 11, 2023
LVMH Posts Muted Q3 Growth, Jewelry Sales Slow
The luxury titan pointed to softening luxury sales, especially in the U.S. and Europe.
A selection of rings from LVMH-owned Bulgari’s “Wonders the Garden of Eden” high jewelry collection. LVMH had a quieter third quarter due to lower demand for luxury goods.
Paris—LVMH posted muted growth in its third quarter, with jewelry and watch sales slowing down.
Declining demand for luxury handbags and its wine and spirits dragged down its results.
The luxury conglomerate noted softening luxury sales worldwide, highlighting the United States and Europe in particular.
Here are four notable takeaways from the company’s most recent earnings report.
LVMH put on a so-so third quarter performance but saw growth in the first nine months of the fiscal year.
LVMH reported revenue growth of 1 percent year-over-year (9 percent on an organic basis) to €19.96 billion ($21.14 billion) in the third quarter.
Its fashion and leather goods division posted slower growth in the quarter compared with its double-digit jump in Q2.
Its wine and spirit sales tumbled, which it attributed to demand waning post-COVID and a tougher U.S. market, especially for cognac sales.
Its balance sheet was brighter for the first nine months, with revenue up 10 percent (14 percent on an organic basis) to €62.21 billion ($65.9 billion).
Jewelry and watch sales faltered in Q3.
In the third quarter, revenue in the watches and jewelry segment was down 5 percent year-over-year to €2.52 billion ($2.67 billion) on a reported basis but up 3 percent on an organic basis.
In the first nine months, revenue in the category totaled €7.95 billion ($8.42 billion), up 5 percent (9 percent on an organic basis).
Its jewelry portfolio includes Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
After the reopening of Tiffany’s New York flagship, dubbed “The Landmark,” the brand continued to revamp its store network, opening two new stores in Tokyo.
Its new “Lock” collection continued its worldwide rollout. It also launched the second part of the “Blue Book: Out of the Blue” high jewelry collection.
Bulgari, which has been celebrating the 75th anniversary of its “Serpenti” collection, saw “strong growth,” said LVMH.
To honor the milestone, it held a new exhibition in Dubai, following shows in Shanghai, New York, and Seoul.
Bulgari’s recently launched “Mediterranea” high jewelry collection put on an “outstanding performance,” said LVMH.
Chaumet held its “A Golden Age: 1965-1985” retrospective exhibition at its 12 Vendôme location in Paris while Fred debuted “Audacious Blue,” the brand’s first lab-grown blue diamonds.
Both brands saw strong growth, the company said.
As for watches, TAG Heuer opened a flagship store in New York while Hublot served as the official timekeeper for the FIFA Women’s World Cup in Australia.
Zenith launched its limited-edition “Defy Chroma” collection.
Related stories will be right here …
Declining demand for luxury handbags and its wine and spirits dragged down its results.
The luxury conglomerate noted softening luxury sales worldwide, highlighting the United States and Europe in particular.
Here are four notable takeaways from the company’s most recent earnings report.
LVMH put on a so-so third quarter performance but saw growth in the first nine months of the fiscal year.
LVMH reported revenue growth of 1 percent year-over-year (9 percent on an organic basis) to €19.96 billion ($21.14 billion) in the third quarter.
Its fashion and leather goods division posted slower growth in the quarter compared with its double-digit jump in Q2.
Its wine and spirit sales tumbled, which it attributed to demand waning post-COVID and a tougher U.S. market, especially for cognac sales.
Its balance sheet was brighter for the first nine months, with revenue up 10 percent (14 percent on an organic basis) to €62.21 billion ($65.9 billion).
Jewelry and watch sales faltered in Q3.
In the third quarter, revenue in the watches and jewelry segment was down 5 percent year-over-year to €2.52 billion ($2.67 billion) on a reported basis but up 3 percent on an organic basis.
In the first nine months, revenue in the category totaled €7.95 billion ($8.42 billion), up 5 percent (9 percent on an organic basis).
Its jewelry portfolio includes Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
After the reopening of Tiffany’s New York flagship, dubbed “The Landmark,” the brand continued to revamp its store network, opening two new stores in Tokyo.
Its new “Lock” collection continued its worldwide rollout. It also launched the second part of the “Blue Book: Out of the Blue” high jewelry collection.
Bulgari, which has been celebrating the 75th anniversary of its “Serpenti” collection, saw “strong growth,” said LVMH.
To honor the milestone, it held a new exhibition in Dubai, following shows in Shanghai, New York, and Seoul.
Bulgari’s recently launched “Mediterranea” high jewelry collection put on an “outstanding performance,” said LVMH.
Chaumet held its “A Golden Age: 1965-1985” retrospective exhibition at its 12 Vendôme location in Paris while Fred debuted “Audacious Blue,” the brand’s first lab-grown blue diamonds.
Both brands saw strong growth, the company said.
As for watches, TAG Heuer opened a flagship store in New York while Hublot served as the official timekeeper for the FIFA Women’s World Cup in Australia.
Zenith launched its limited-edition “Defy Chroma” collection.
U.S. sales growth was also muted.
U.S. sales were up 2 percent in the third quarter and up 3 percent in the first nine months on an organic basis.
The U.S. is LVMH’s second largest market in terms of revenue, just behind Asia.
The U.S. accounted for 24 percent of revenue, down from 26 percent in the previous first nine months.
For the first nine months, LVMH reported double-digit organic growth in Europe, Japan, and the rest of Asia.
LVMH remains silent on its financial future.
As in previous quarters, the company did not provide fiscal guidance for the year ahead, noting only, “In an uncertain economic and geopolitical environment, the group is confident in the continuation of its growth and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, excellence in distribution and agile organization.”
As for its future plans, the company said it will rely on the power of its brands and the talent of its employees to strengthen its leadership position in the luxury goods market.
More on Financials
The Latest
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
Policies & IssuesOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
