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
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
Policies & IssuesOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
