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. Bulgari high jewelry campaign](https://uploads.nationaljeweler.com/uploads/f7454aa848e867c27afb3e7fcddfae2d.jpg)
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.
The Latest
![The “Fabergé x Beetlejuice Beetlejuice” collection features 22 jewels inspired by the new film. Fabergé Beetlejuice Beetlejuice jewelry collection](https://uploads.nationaljeweler.com/uploads/78361e751f2e3238b13e547c8e85c65d.jpg)
It’s showtime for these jewels, inspired by the motifs and color palette of the new Tim Burton film.
![Lizzie Mandler’s Liquid Gold Hoops](https://uploads.nationaljeweler.com/uploads/746314458eb97f28efb151c2315cddd7.jpg)
Inspired by a 19th century sculpture, Mandler transformed gold into liquid for these earrings.
![On the right, Hadid models for her first campaign as Chopard’s brand ambassador, while, on the left, she appears in the jeweler’s “Sculpted by Light” campaign. Bella Hadid in Chopard Campaigns](https://uploads.nationaljeweler.com/uploads/b4287ac9cd48a80ee5996d4de691c321.jpg)
The model and entrepreneur stars in two new Chopard campaigns.
![How to Increase Instagram Followers Naturally in 2024 2.0 (1).jpg](https://uploads.nationaljeweler.com/uploads/ce0b2d506437b6b5b6e9ea7de9150001.jpg)
Growing your Instagram following organically is more important than ever in today's technological environment.
![The Nordstrom Men’s Store in New York City. The Seattle-based retailer may soon go private following a $3.8 billion offer from members of the founding family and Mexican retail company El Puerto de Liverpool. Nordstrom men’s store New York City](https://uploads.nationaljeweler.com/uploads/c548f9e1b2a81417eb754cc739799d30.jpg)
Members of the founding family partnered with Mexican retail company El Puerto de Liverpool to possibly take Nordstrom private.
![](https://uploads.nationaljeweler.com/uploads/99a46b30cc354962ac2e29ecd113587a.jpg)
![To celebrate the 50th anniversary of Elsa Peretti’s arrival at Tiffany & Co., the jeweler will feature her Bone Cuff in its ongoing campaign celebrating its most notable collections. Tiffany & Co. Elsa Peretti Bone cuff](https://uploads.nationaljeweler.com/uploads/b420ed7352655cdc4b8e1acdeaceb87a.jpg)
The iconic design has joined a lineup of notable pieces featured in the jeweler’s “With Love, Since 1837” campaign.
![Ralph Simons, a veteran luxury executive whose resume includes stints at Frederique Constant, Chopard North America, and Tane Mexico 1942, has been named CEO of jewelry brand Cadar. New Cadar CEO Ralph Simons](https://uploads.nationaljeweler.com/uploads/701ba9af82dedc21b73702ac33d75523.jpg)
Ralph Simons is now CEO of the jewelry brand started by fashion designer Michal Kadar and her husband, Avraham Kadar, in 2015.
![Supplier Spotlight -Recorded-Webinar.png](https://uploads.nationaljeweler.com/uploads/00d2546ac557992f0d02a3f1336eb094.png)
Supplier Spotlight Sponsored by GIA.
![Duvall O’Steen, left, and Jen Cullen Williams are independent communications strategists and senior consultants for the Luxury Brand Group. They can be reached at DuvallOsteenNYC@gmail.com or Jen@JenCullenWilliams.com. National Jeweler columnists Duvall O’Steen and Jen Cullen Williams](https://uploads.nationaljeweler.com/uploads/f7ee249ac6084ae5aecc52b78bb4718f.jpg)
Jen Cullen Williams and Duvall O’Steen say it’s all about giving your social media feeds a human touch.
![Model Taylor Hill (pictured left) wore Messika’s “So Move” pieces, while model and singer Soo Joo Park showcased the brand’s “Move Noa” pieces. Models Taylor Hill and Soo Joo Park wearing Messika jewelry](https://uploads.nationaljeweler.com/uploads/f3b02e2a7a2e84c27e40230b2352bc23.jpg)
The models and friends of founder and artistic designer Valérie Messika showcase the brand’s jewelry in the “Back to Icons” campaign.
![Bloomingdale’s new “From Italy, With Love” campaign highlights Italian brands in jewelry, fashion, home, and more. It includes exclusive products and the introduction of more than 30 new Italian brands. Bloomingdale’s From Italy, With Love campaign](https://uploads.nationaljeweler.com/uploads/4721140018357aa15f6c853c69c3aef2.jpg)
“From Italy, With Love” will showcase Roberto Coin, Marco Bicego, and other Italian brands.
![Zales teamed up with sporting goods brand Prince on a tennis-inspired capsule collection in time for the U.S. Open. Zales tennis necklace over Prince tennis racket](https://uploads.nationaljeweler.com/uploads/c5c7098b9ddeaf0e63349d0672c4c237.jpg)
The jewelry retailer will also have a diamond-set tennis racket on display at the tournament.
![Ylang 23’s new store in The Shops of Highland Park, an upscale shopping center in Dallas, features a fresh color palette and brand direction led by Alysa Teichman, co-owner of Ylang 23 and owner of its sister company, Wildlike. (Photo credit: Aiden Novalis) Ylang 23 Flagship](https://uploads.nationaljeweler.com/uploads/c03ca9bb25737b512c5bf5a830a58b3e.jpg)
The retailer has moved into a 3,200-square-foot space at The Shops of Highland Park.
![This rainbow sapphire tennis bracelet by Suzanne Kalan ($16,000) is one of 20 pieces in this Amanda’s Style File celebrating the September birthstone. Suzanne Kalan](https://uploads.nationaljeweler.com/uploads/ff66d3814adcd6425ba3f6e663156075.jpg)
The month’s birthstone is vibrant in every color.
![Swiss watchmaker Breitling is commemorating a milestone anniversary with the release of (from left) the Premier B19 Datora 42 140th Anniversary, the Navitimer B19 Chronograph 43 Perpetual Calendar 140th Anniversary, and the Super Chronomat B19 44 Perpetual Calendar 140th Anniversary. Breitling watches](https://uploads.nationaljeweler.com/uploads/9fbb8788ced16c6c9cff60eea51f3ace.jpg)
The special editions of the Premier, Navitimer, and Chronomat are equipped with a new perpetual calendar movement from the brand.
![K. Brunini Jewel’s Butterfly Ring](https://uploads.nationaljeweler.com/uploads/5ed707aef2a2b7a99417d2f15844f649.jpg)
Fly away with designer Katey Brunini’s butterfly ring, as its spring-loaded wings flutter above your fingers.
![Brilliant Earth’s showroom in Roosevelt Field mall in New York. The jewelry retailer has promoted Pamela Catlett to chief brand officer and Sharon Dziesietnik to chief operations officer. Brilliant Earth showroom Roosevelt Field mall](https://uploads.nationaljeweler.com/uploads/3e3176d4e721a73c59442cffd37b7942.jpg)
The jewelry retailer has a new chief brand officer and chief operations officer.
![Jewelers of America’s Multifaceted Learning Workshop is a one-day educational event featuring roundtable discussions on industry issues and expert-led sessions on topics like trends, artificial intelligence, and using social media to increase sales. JA Multifaceted Learning Workshop](https://uploads.nationaljeweler.com/uploads/7de06f346540e284dd87d3b7c8955de0.jpg)
Its next event will take place in D.C. on Sept. 17 and in New York City on Oct. 29.
![Lotus Gemology’s new book, “Broken Bangle: The Blunder-Besmirched History of Jade Nomenclature” is available now. Broken Bangle jade nomenclature book Lotus Gemology](https://uploads.nationaljeweler.com/uploads/5c518ff89158c1ebdbb69508d4a6251e.jpg)
“Broken Bangle: The Blunder-Besmirched History of Jade Nomenclature” is an in-depth look at the evolution of jade terminology.
![Ajoy Chawla, CEO of Titan Company Ltd.’s jewelry division, (left) and De Beers Brands CEO Sandrine Conseiller pose with diamonds at a joint press conference held Wednesday in Mumbai, India. De Beers and retailer Tanishq, which is owned by Titan, are teaming up in an effort to boost demand for natural diamonds in India. Titan Company Ltd. executive Ajoy Chawla and De Beers Group executive Sandrine Conseiller](https://uploads.nationaljeweler.com/uploads/fd30364ef0e70030bcb48b761c468cfc.jpg)
It is partnering with retailer Tanishq on educating salespeople, shaping the in-store experience, and a “360-degree” marketing campaign.
![The Conference Board’s consumer confidence index rose to 103.3 in August from an upwardly revised 101.9 in July. Woman shopping](https://uploads.nationaljeweler.com/uploads/c81493410771141d0031101194ab30ef.jpg)
Inflation remained a top concern among survey-takers who included write-in responses.
![A shot from the digital campaign for the Ultrahuman Ring Air, a smart ring that’s now being sold by Verizon in the United States. Retailing for about $350, the ring can tell the wearer about their movements and sleep patterns. A person wearing the Ultrahuman Ring Air smart ring while holding a cell phone](https://uploads.nationaljeweler.com/uploads/64f5e289a86c2c2507eadd2fb2af1d6c.jpg)
The wireless carrier is now stocking the Ultrahuman Ring Air in select U.S. stores.
![The “Jardin” collection centers around emeralds from Muzo’s mine in the Boyacá region of Colombia set in 18-karat yellow gold. Rings and a necklace from Pamela Love Jardin collection](https://uploads.nationaljeweler.com/uploads/9cc78ab92ee5f826fde815a77f93ead7.jpg)
In a collaboration with Muzo, Pamela Love hand-selected each Colombian emerald for eight one-of-a-kind pieces.
![Stuller has received a “Great Place to Work” certification, which Stuller President Danny Clark called a “tremendous honor.” Stuller headquarters](https://uploads.nationaljeweler.com/uploads/3b952c8a2a9c3950760b5cf83143e1a5.jpg)
The certification is based on employee responses about their experience working at a company.
![The Office of Foreign Assets Control issued two general licenses on Friday that address the issue of Russian diamonds that left the country before March 1, 2024, when the G-7’s ban on Russian diamonds took effect. One license applies to diamond-set jewelry and the other to loose diamonds. Stock image of loose polished diamonds](https://uploads.nationaljeweler.com/uploads/5f0d17d2cd4e635aa66f2c2c9e8316b0.jpg)
OFAC has issued two licenses addressing the issue, one for diamond-set jewelry and one for loose diamonds.
![The International Gemological Institute has filed for an initial public offering in India. Man at International Gemological Institute microscope](https://uploads.nationaljeweler.com/uploads/ee1651236884bf90fab723ceda1ec91f.jpg)
The gemological lab is looking to raise up to $477 million.
![Designer Olga Shatrova’s tourmaline earrings stole the show, winning both the “Best in Show” and “Supplier Members: Jewelry $5,001 to $10,000 retail value” categories in Jewelers of America’s 2024 CASE Awards design competition. Earrings by Olga Shatrova](https://uploads.nationaljeweler.com/uploads/166846d54b53779369e8742df9972131.jpg)
The annual jewelry design competition celebrates creativity, artistry, style, and excellence.