FinancialsJul 17, 2024
Richemont’s Q1 Jewelry Sales Up 2%FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%
Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
A shot from the advertising campaign for LVMH-owned Bulgari’s “Eden the Garden of Wonders” high jewelry collection. LVMH’s jewelry and watch sales slipped in the first half of the fiscal year.
Paris—LVMH’s first-half sales slipped as the luxury titan grappled with an uncertain geopolitical and economic environment and a slowdown in spending on luxury goods in China.
In the first half of the year, LVMH’s revenue totaled €41.7 billion ($45.26 billion), down 1 percent year-over-year (up 2 percent in organic terms).
In the second quarter, revenue was down 1 percent year-over-year (up 1 percent in organic terms) to €20.98 billion ($22.77 billion).
“The results for the first half of the year reflect LVMH’s remarkable resilience, backed by the strength of its maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty,” said Bernard Arnault, chairman and CEO of LVMH.
The luxury titan’s jewelry and watch sales also slipped.
In the first half, revenue in the watches and jewelry segment fell 5 percent year-over-year (down 3 percent in organic terms) to €5.15 billion ($5.59 billion).
In the second quarter, revenue in the category totaled €2.69 billion ($2.92 billion), down 5 percent year-over-year (down 4 percent in organic terms).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
On an earnings call Tuesday, Rodolphe Ozun, the company’s director of financial communications, shared some insights into each brand.
“Tiffany & Co. has accentuated its strategic focus on its iconic lines,” said Ozun.
Its “With Love, Since 1837” marketing campaign has been highlighting the “Tiffany T,” “Lock,” “HardWear,” and “Knot” collections.
The brand also introduced the new “Tiffany Titan by Pharrell Williams” collection and “Tiffany Céleste,” its 2024 Blue Book high jewelry line.
Tiffany also has renovated about 30 stores, which amounts to one-quarter of its fleet, said Ozun.
Bulgari has seen good momentum, said LVMH, highlighting the “exceptional” revenue from its “Aeterna” jewelry and watch collection, released in honor of its 140th anniversary
Fred expanded its “Pretty Woman” collection and introduced a new “Force 10” edition inspired by the French Open.
LVMH also noted that Chaumet was asked to design the medals for this year’s Olympic and Paralympic Games, the first jeweler to do so. The 2024 Summer Olympics are set to begin this Friday in Paris.
Related stories will be right here …
In the first half of the year, LVMH’s revenue totaled €41.7 billion ($45.26 billion), down 1 percent year-over-year (up 2 percent in organic terms).
In the second quarter, revenue was down 1 percent year-over-year (up 1 percent in organic terms) to €20.98 billion ($22.77 billion).
“The results for the first half of the year reflect LVMH’s remarkable resilience, backed by the strength of its maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty,” said Bernard Arnault, chairman and CEO of LVMH.
The luxury titan’s jewelry and watch sales also slipped.
In the first half, revenue in the watches and jewelry segment fell 5 percent year-over-year (down 3 percent in organic terms) to €5.15 billion ($5.59 billion).
In the second quarter, revenue in the category totaled €2.69 billion ($2.92 billion), down 5 percent year-over-year (down 4 percent in organic terms).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
On an earnings call Tuesday, Rodolphe Ozun, the company’s director of financial communications, shared some insights into each brand.
“Tiffany & Co. has accentuated its strategic focus on its iconic lines,” said Ozun.
Its “With Love, Since 1837” marketing campaign has been highlighting the “Tiffany T,” “Lock,” “HardWear,” and “Knot” collections.
The brand also introduced the new “Tiffany Titan by Pharrell Williams” collection and “Tiffany Céleste,” its 2024 Blue Book high jewelry line.
Tiffany also has renovated about 30 stores, which amounts to one-quarter of its fleet, said Ozun.
Bulgari has seen good momentum, said LVMH, highlighting the “exceptional” revenue from its “Aeterna” jewelry and watch collection, released in honor of its 140th anniversary
Fred expanded its “Pretty Woman” collection and introduced a new “Force 10” edition inspired by the French Open.
LVMH also noted that Chaumet was asked to design the medals for this year’s Olympic and Paralympic Games, the first jeweler to do so. The 2024 Summer Olympics are set to begin this Friday in Paris.
LVMH’s watch brand portfolio consists of TAG Heuer, Hublot, and Zenith.
In June, LVMH acquired Swiza, the owner of L’Epée 1839, which is a Swiss manufacturer of high-end clocks and objets d’art. The purchase price was not disclosed.
The company also recently announced a reshuffling of its watch executives.
On Sept. 1, Julien Tornare, current CEO of TAG Heuer, will become CEO of Hublot. Antoine Pin, now the general manager of Bulgari’s watch business, will take over Tornare’s role as CEO of TAG Heuer.
TAG Heuer introduced new Formula 1 models, collaborating with Kith and Oracle Red Bull Racing while Hublot teamed up with artist Daniel Arsham on a new pocket watch.
Zenith debuted the first “Icons” capsule collection, “Pilot,” which included three watches restored and certified by the brand.
Looking at LVMH’s performance by region, sales grew in the United States and Europe.
Japan led the charge, as it did for rival Richemont in its recent Q1 results, with double-digit revenue growth.
Chinese customers were spending in Europe and Japan, said LVMH, but overall sales in Asia Pacific were down 10 percent in the first half of the year.
The U.S. is LVMH’s second-largest market in terms of revenue, just behind Asia. It accounted for 25 percent of revenue, up from 24 percent in the previous first half.
Looking to the year ahead, the company did not give a forecast, but Chief Financial Officer Jean-Jacques Guiony said the company likely will see stronger growth in the second half of the year due to easier comparatives.
“Visibility is as good as yesterday’s sales,” said Guiony, adding that the company is vigilant yet comfortable in the strength of its brands.
More on Financials
The Latest
Events & AwardsNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
Weekly QuizNov 06, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
MajorsNov 03, 2025
Matthew Rosenheim Takes Over as JA Board ChairThe trade organization also announced its executive committee and five new directors.
CollectionsNov 03, 2025
Muse’s ‘Have a Heart’ Collab Returns, Now With DDGThe “Have a Heart x Diamonds Do Good” collection is championed by model and humanitarian Flaviana Matata and will benefit her foundation.
AuctionsNov 03, 2025
Kashmir Sapphire Ring Tops Christie's Online AuctionThe ring, set with a nearly 17-carat Kashmir cabochon sapphire, sold for $1 million.
TrendsOct 31, 2025
Piece of the Week: A Spinner Fit for ‘Frankenstein’This “Mother Father” spinner necklace from Heavenly Vices Fine Jewelry draws inspiration from Victorian Era jewelry.
CrimeOct 31, 2025
5 More Arrested in Louvre Heist, Jewelry Still Missing The suspects were rounded up in Paris and its suburbs on Wednesday night, but none of the stolen jewels were recovered with them.
Recorded WebinarsOct 31, 2025
Watch: How to Master Google Reviews for Your BusinessExperts share top tips on how to encourage positive reviews and handle negative feedback.
Supplier BulletinOct 30, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
CrimeOct 30, 2025
29-Year-Old Man Charged in Multiple Seattle-Area Smash and Grabs The suspect faces charges in the August robbery of Menashe & Sons Jewelers and is accused of committing smash and grabs at two pawn shops.
Lab-GrownOct 30, 2025
Alison Lou’s New Collection Uses Lab-Grown Diamonds and ResinThe “Lumière Fine” collection was born from designer Alison Chemla’s interest in the transformative power of light.
TrendsOct 30, 2025
Amanda’s Style File: A Haunted HalloweenShow off your spooky side with these 12 festive jewels.
Events & AwardsOct 30, 2025
Jewelers Mutual to Host Jewelry Panel at Frazier History MuseumThe “Brilliant & Beyond” panel coincides with the “Love & Marriage” exhibition curated by Davis Jewelers in Louisville, Kentucky.
Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
