LVMH’s Jewelry, Watch Sales Up 3% in 2023

FinancialsJan 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.

Tiffany flagship The Landmark
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.

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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.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

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