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
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for EntriesThe organization has also announced this year’s slate of judges.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry CollectionThe “XO Tacori” collection was designed to blend luxury and accessible pricing.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
