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
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
