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 & AwardsOct 30, 2024
These Designers, Journalists, and Retailers Are Up for a Gem Award The 2025 Gem Awards are scheduled to take place March 14 at Cipriani 42nd Street in New York City.
MajorsOct 30, 2024
Peggy Grosz Leaves Assael After Company Is SoldGrosz had served as Assael’s senior vice president and creative director since 2017.
CollectionsOct 30, 2024
CD Peacock Honors Its Hometown of Chicago in First Bridal Collection“Love and Celebration” is the jeweler’s first in-house collection featuring engagement rings, wedding bands, and celebration rings.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
SurveysOct 30, 2024
Consumer Confidence Rebounds in OctoberA more positive view of the labor market contributed to the strongest monthly gain since March 2021.
Weekly QuizOct 24, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsOct 30, 2024
Mejuri to Award $50K in Scholarships to Jewelry Design StudentsThe funds will be distributed to schools in the U.S., Canada, and the U.K.
MajorsOct 29, 2024
Cybersecurity Expert Selected as President of Jewelers’ Security AllianceJennifer Mulvihill, the first woman to lead JSA in the organization’s 141-year history, takes over for the retiring John Kennedy.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
Events & AwardsOct 29, 2024
The Can’t-Miss Events of 2024 New York City Jewelry WeekThis year’s festivities include more than 100 experiences, such as designer showcases, panel discussions, and even a treasure hunt.
AuctionsOct 29, 2024
Rolex Worn on Apollo 14 Mission Sells for More Than $2MThe GMT-Master “Pepsi” that belonged to astronaut Edgar Mitchell is one of two Apollo-flown Rolex watches ever sold at auction.
MajorsOct 29, 2024
Pandora’s Holiday Campaign, New Jewelry Celebrate Light and LoveThe ads star brand ambassadors Chloe and Halle Bailey and Pamela Anderson.
SourcingOct 29, 2024
De Beers’ Production Drops 25% as Demand Remains SluggishThe company combined two sights in Q3 due to the slowdown in demand, and said it is moving up the dates for sights 9 and 10 in Q4.
EditorsOct 28, 2024
Q&A: Monica Rich Kosann Looks Back on 20 Years The jewelry designer discussed how she got into the jewelry industry, what she keeps in her favorite locket, and the future of her brand.
MajorsOct 28, 2024
Jewelers for Children’s Halloween Costume Contest RocksParticipants can buy five votes for $5 to decide which jeweler will dress up as an ‘80s rockstar for Halloween.
TrendsOct 28, 2024
Amanda’s Spooky Style FileThese 15 pieces of jewelry hand-picked ahead of Halloween appeal to the costume- and candy-loving child in all of us.
MajorsOct 25, 2024
This New Bulgari Boutique Is on a YachtStarboard Luxury is bringing the Italian brand aboard The Ritz-Carlton Yacht Collection’s newest yacht.
CollectionsOct 25, 2024
Piece of the Week: A Haunting Piece of Mourning Jewelry The pendant, circa the late 1700s, likely was commissioned to remember a loved one who died young.
MajorsOct 25, 2024
Artistry Releases Its 2025 CatalogIt features the brand’s products in the precious color, semi-precious color, pearl, diamond, gold, and sterling silver categories.
EditorsOct 24, 2024
From a Witch to Wednesday: The Best Jewelry to Wear With Your Halloween CostumeFor her annual Halloween story, Associate Editor Lenore Fedow pairs fine jewelry with classic and contemporary Halloween costumes.
Events & AwardsOct 24, 2024
JA New York Fall Show Announces Education LineupThe education offerings include a diamond cutting demonstration, a session with JVC President Sara Yood, and a seminar on AI.
MajorsOct 24, 2024
Phillip Gavriel Releases 2024-2025 Catalog The book features new styles and revived favorites.
SourcingOct 23, 2024
De Beers, Signet Lean Into Finding ‘The One’ in New Natural Diamond Campaign Aimed at a generation that emphasizes self-care and mental health, “Worth the Wait” breaks new ground in the world of diamond advertising.
EditorsOct 23, 2024
The Modern Bride’s Approach to Wedding-Day JewelryEditor Lauren McLemore immersed herself in New York Bridal Fashion Week to better understand the role fine jewelry plays on the big day.
Lab-GrownOct 23, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown DiamondsThe jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
IndependentsOct 23, 2024
Jade Trau Sails OverseasThe New York-based brand is expanding outside of the U.S., with a pop-up shop in London and plans to distribute internationally.
CollectionsOct 23, 2024
See Scott West Jewelry’s ‘Kryptonite’ and ‘Joker’ RingsThey’re available through a retailer that sells luxury products inspired by the lifestyle of Batman’s billionaire civilian persona.
WatchesOct 23, 2024
How to Get a Timex Watch for $1The watchmaker is selling 1,000 “Waterbury” watches for $1 each in celebration of its 170th anniversary.
