FinancialsJan 22, 2024
Jewelry Was the Strongest Performer in Richemont’s Q3FinancialsJan 26, 2024
LVMH’s Jewelry, Watch Sales Up 3% in 2023
Highlights included the opening of Tiffany & Co.’s new flagship and record revenue for TAG Heuer.
LVMH-owned Tiffany & Co.’s revamped New York City flagship, known as “The Landmark,” reopened last spring. The luxury titan’s watch and jewelry brands saw sales increase 3 percent at actual exchange rates in 2023.
Paris—LVMH ended its fiscal year on a high note, posting strong revenue growth in its fourth quarter and for the full year.
The luxury titan saw revenue growth of 6 percent year-over-year at actual exchange rates in the fourth quarter totaling €23.95 billion ($25.97 billion).
For the full year, revenue totaled €86.15 billion ($93.4 billion), up 9 percent year-over-year.
Sales in the United States were up 8 percent in the fourth quarter and up 4 percent for the full year.
The U.S. is tied with Europe as LVMH’s second largest market in terms of revenue. It accounted for 25 percent of total revenue in 2023, down from 27 percent in 2022.
“Our performance in 2023 illustrates the exceptional appeal of our maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges,” CEO Bernard Arnault said in a statement.
LVMH reported organic revenue growth across all business groups in 2023, with the exception of wines and spirits.
Its watches and jewelry segment saw revenue slip 2 percent at actual exchange rates in the fourth quarter to €2.95 billion ($3.2 billion).
For the full year, revenue totaled €10.9 billion ($11.82 billion), up 3 percent year-over-year.
LVMH noted “robust growth” in jewelry and “powerful creative momentum” for its watch and jewelry brands, particularly Tiffany & Co., Bulgari, and TAG Heuer.
For Tiffany & Co., the reopening of its New York City flagship, dubbed “The Landmark,” was “exceptionally well received,” said LVMH.
The brand’s new “Lock” collection, which has continued its worldwide rollout, was a “huge success,” while its “Hardwear” line also was popular.
It introduced its new high jewelry collection,“Blue Book: Out of the Blue,” designed by Creative Director for Jewelry Nathalie Verdeille.
Bulgari also saw strong growth, driven by its high jewelry offerings, particularly the “Mediterranea” collection. Its new “Cabochon” collection also had a successful launch, LVMH said.
Its “Serpenti” line, which recently celebrated its 75th anniversary, did well, including in jewelry and women’s watches. Bulgari Serpenti watches won awards at the Geneva Watchmaking Grand Prix.
Chaumet introduced a new high jewelry line and hosted the exhibition “A Golden Age: 1965-1985,” at its 12 Place Vendôme location.
Fred opened its “Fred: Jewelry Designer Since 1936” exhibition in South Korea.
Related stories will be right here …
The luxury titan saw revenue growth of 6 percent year-over-year at actual exchange rates in the fourth quarter totaling €23.95 billion ($25.97 billion).
For the full year, revenue totaled €86.15 billion ($93.4 billion), up 9 percent year-over-year.
Sales in the United States were up 8 percent in the fourth quarter and up 4 percent for the full year.
The U.S. is tied with Europe as LVMH’s second largest market in terms of revenue. It accounted for 25 percent of total revenue in 2023, down from 27 percent in 2022.
“Our performance in 2023 illustrates the exceptional appeal of our maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges,” CEO Bernard Arnault said in a statement.
LVMH reported organic revenue growth across all business groups in 2023, with the exception of wines and spirits.
Its watches and jewelry segment saw revenue slip 2 percent at actual exchange rates in the fourth quarter to €2.95 billion ($3.2 billion).
For the full year, revenue totaled €10.9 billion ($11.82 billion), up 3 percent year-over-year.
LVMH noted “robust growth” in jewelry and “powerful creative momentum” for its watch and jewelry brands, particularly Tiffany & Co., Bulgari, and TAG Heuer.
For Tiffany & Co., the reopening of its New York City flagship, dubbed “The Landmark,” was “exceptionally well received,” said LVMH.
The brand’s new “Lock” collection, which has continued its worldwide rollout, was a “huge success,” while its “Hardwear” line also was popular.
It introduced its new high jewelry collection,“Blue Book: Out of the Blue,” designed by Creative Director for Jewelry Nathalie Verdeille.
Bulgari also saw strong growth, driven by its high jewelry offerings, particularly the “Mediterranea” collection. Its new “Cabochon” collection also had a successful launch, LVMH said.
Its “Serpenti” line, which recently celebrated its 75th anniversary, did well, including in jewelry and women’s watches. Bulgari Serpenti watches won awards at the Geneva Watchmaking Grand Prix.
Chaumet introduced a new high jewelry line and hosted the exhibition “A Golden Age: 1965-1985,” at its 12 Place Vendôme location.
Fred opened its “Fred: Jewelry Designer Since 1936” exhibition in South Korea.
As for its watch brands, TAG Heuer achieved record-breaking revenue as it celebrated the 60th anniversary of its “Carerra” collection. It also opened a new store on Fifth Avenue in New York City.
Hublot teamed up with artist Takashi Murakami on a collection of 13 unique watches connected to NFTs. The brand also served as the official timekeeper for the FIFA Women’s World Cup in Australia.
Zenith added new models to its “Defy” collection and expanded its “Pilot” line.
As for LVMH’s other segments, its fashion and leather goods division, which includes Louis Vuitton and Christian Dior, posted strong revenue growth, said the company.
The company also highlighted the performance of its fragrance and makeup brands, including an “exceptional performance” by Sephora.
Looking to the year ahead, LVMH did not provide fiscal guidance but said, “While the geopolitical and macroeconomic environment remains uncertain, LVMH is confident in its ability to continue to grow in 2024.”
Arnault, 74, is planning to nominate more of his children to the LVMH board, according to a New York Times report.
According to the Times, he will nominate his sons Alexandre Arnault, 31, executive vice president of product and communications at Tiffany & Co., and 29-year-old Frédéric Arnault, who recently was named CEO of LVMH Watches.
Their older siblings, Christian Dior CEO Delphine Arnault, 48, and LVMH executive Antoine Arnault, 46, already are on the board. If Alexandre and Frédéric’s nominations are approved, four of his five children will have seats on the board.
The youngest Arnault sibling, Jean Arnault, 25, is Louis Vuitton’s watch director.
The nominees are subject to board approval.
More on Financials
The Latest
EditorsMar 03, 2025
Drop Necklaces, Archival Pieces Take Over at the 2025 OscarsFrom Doja Cat to Mikey Madison and Selena Gomez, many of this year’s Academy Awards attendees donned drop necklaces.
Policies & IssuesMar 03, 2025
Customs Indefinitely Postpones Requirement to Disclose Country of MiningOriginally slated to take effect in April, official U.S. Customs and Border Protection documents now show the implementation date as “TBD.”
SurveysMar 03, 2025
Consumer Confidence Fell in February Amid Concerns About the FutureThe recent jump in the prices of household staples, like eggs, and the potential impact of tariffs worried consumers.
Brought to you by
Have a Plan for EmergenciesEmergencies can happen anytime, anywhere , and Jewelers of America has what you need to be prepared for it all.
Events & AwardsMar 03, 2025
AGA Now Accepting Applications for Its Gemological Education Scholarship The application period for the program is now open for aspiring gemologists around the world.
Weekly QuizFeb 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsFeb 28, 2025
Piece of the Week: Ironhorse Quillwork EarringsThe work of Indigenous designer Joe Big Mountain, these earrings are similar to the pair Lily Gladstone just wore to the SAG Awards.
AuctionsFeb 28, 2025
300-Year-Old Ring With Ties to Witch Trial Judge Up for Auction A metal detectorist uncovered the ring created in memory of Sir Richard Rainsford, who presided over some of England’s last witch trials.
Brought to you by
A Diamond ETF is the Way to Reinvigorate Natural Diamond SalesThe jewelry industry faces challenges from lab-grown diamonds. A diamond ETF can restore natural diamonds' value and drive investor demand.
Recorded WebinarsFeb 28, 2025
Watch: 2025 Jewelry Trends ForecastFine jewelry consultant and publicist Francesca Simons joins Amanda Gizzi and Natalie Francisco to discuss the trends set to rise this year.
TrendsFeb 27, 2025
Model Winnie Harlow Says ‘Yes’ to 3-Stone Engagement RingHarlow’s partner, NBA player Kyle Kuzma, worked with Vobara to design the ring, which features oval and pear-shaped diamonds.
MajorsFeb 27, 2025
Winona Ryder, Iman Star in New Pandora CampaignThe Danish jeweler released the next chapter of its “Be Love” campaign, which celebrates love in all its forms.
SourcingFeb 27, 2025
Gemfields Holds Mini Auction for Higher-Quality EmeraldsThe 13 lots on offer were comprised of material that previously went unsold at the miner’s November auction.
Events & AwardsFeb 27, 2025
JA to Host Workshop During Alabama Jewelers Association ConventionThe learning workshop and the convention are both scheduled to take place April 26 and 27 in Montgomery, Alabama.
Policies & IssuesFeb 26, 2025
EU Once Again Pushes Back Deadline on Diamond Traceability The EU, like the U.S., also now will require diamond importers to provide information about where exactly the diamonds were mined.
SourcingFeb 26, 2025
De Beers, Botswana Make New Diamond Sales Deal OfficialThe formal signing of the agreement comes nearly two years after De Beers and Botswana initially announced they had reached a new deal.
Events & AwardsFeb 26, 2025
JFC Names 2025 ‘Facets’ HonoreesThe charity will celebrate Pandora CEO Alexander Lacik and Brilliant Earth CEO Beth Gerstein at its annual event in Las Vegas.
ColumnistsFeb 25, 2025
Peter Smith: Here’s What I Think Retailers need to have the right merchandise, marketing, and people in place to stay on top in a sea of uncertainty, Peter Smith writes.
EditorsFeb 25, 2025
Out & About: Visiting Tacori’s New Shop-in-Shop Senior Editor Lenore Fedow traveled to Smyth Jewelers in Maryland to see the first of 15 revamped in-store boutiques Tacori is rolling out.
MajorsFeb 25, 2025
Qurate Has a New NameThe parent company of HSN and QVC is undergoing a restructuring.
CollectionsFeb 25, 2025
Michael B. Jordan Stars in David Yurman’s Spring CampaignThe company’s newest brand ambassador Eiza González will also be featured in the ads for the women’s campaign.
SourcingFeb 24, 2025
Colored Stone Market Update: Tracking Industry Trends in TucsonDeclining supply and growing demand persist in the colored gemstone market, presenters from Gemworld said at AGTA GemFair Tucson.
TrendsFeb 24, 2025
Renna’s Lobster Clasp Looks Like a Claw, Now It's Patented by LawThe designer’s new patent transforms the everyday clasp into her jumbo “Lobster Clasp,” modeled after the look of a crustacean’s claw.
Events & AwardsFeb 24, 2025
Bogolo Joy Kenewendo to Speak at Annual JVC LuncheonKenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.
SourcingFeb 24, 2025
Diavik’s Production Down 17% in 2024 Sales at the Rio Tinto-owned mine also slid by a double-digit percentage, falling 37 percent in a difficult market for diamonds.
CollectionsFeb 21, 2025
Piece of the Week: Jade Ruzzo’s ‘Tennessee’ Oval Drop EarringsHeidi Gardner, an SNL cast member, wore the smoky quartz earrings on the “SNL50: The Anniversary Special” red carpet on Sunday.
SourcingFeb 21, 2025
Zambia Lifts 15% Export Duty on Gemstones, Metals The reversal comes less than two months after the Zambian government reinstated the tax in an effort to bring in more money.
MajorsFeb 21, 2025
24 Karat Club of New York Names New PresidentThe organization also announced its newly elected officers and directors.
