FinancialsJan 17, 2025
Richemont’s Jewelry Sales Rise 14% in Holiday QuarterFinancialsJan 29, 2025
LVMH Watch, Jewelry Sales End the Year Down
Watch and jewelry sales slipped 3 percent in 2024, though the luxury conglomerate did see business pick up in the fourth quarter.
Tiffany & Co., which celebrated the 50th anniversary of designer Elsa Peretti’s “Bone” cuff in 2024, is one of the jewelry houses owned by luxury conglomerate LVMH. LVMH’s jewelry and watch sales slipped 3 percent year-over-year in 2024, the company reported Tuesday.
Paris—Watch and jewelry sales picked up for LVMH in the fourth quarter 2024, though it was not enough to reverse three quarters of declining sales.
The luxury conglomerate, which owns Tiffany & Co., Bulgari, and TAG Heuer, among others, reported Tuesday that revenue in its Watches & Jewelry division totaled €10.58 billion ($11.04 billion) in 2024, down 3 percent (2 percent on an organic basis) from €10.9 billion ($11.37 billion) in 2023.
Watch and jewelry sales had been down all year for LVMH, slipping 2 percent in the first quarter, 4 percent in the second quarter, and 4 percent in the third quarter, before rising 3 percent in the all-important fourth quarter.
Profit from recurring operations in the Watches & Jewelry division fell 28 percent, which LVMH attributed partly to the money in it is sinking into store renovations worldwide.
On a July 2023 earnings call, LVMH Chief Financial Officer Jean-Jacques Guiony said the company was looking to renovate all 300-plus Tiffany & Co. stores worldwide within the next three to four years because, “not one single store, apart from the few ones that we have already renovated, are up to our standards.”
“It will take a lot of time and money to redo them,” he noted.
In Tuesday’s earnings release, LVMH said Tiffany’s new store concept continued to be rolled out with “great success.”
It also noted revenue at its flagship store on Fifth Avenue, which was the first to be renovated and is now known as “The Landmark,” broke records in 2024.
Related stories will be right here …
The luxury conglomerate, which owns Tiffany & Co., Bulgari, and TAG Heuer, among others, reported Tuesday that revenue in its Watches & Jewelry division totaled €10.58 billion ($11.04 billion) in 2024, down 3 percent (2 percent on an organic basis) from €10.9 billion ($11.37 billion) in 2023.
Watch and jewelry sales had been down all year for LVMH, slipping 2 percent in the first quarter, 4 percent in the second quarter, and 4 percent in the third quarter, before rising 3 percent in the all-important fourth quarter.
Profit from recurring operations in the Watches & Jewelry division fell 28 percent, which LVMH attributed partly to the money in it is sinking into store renovations worldwide.
On a July 2023 earnings call, LVMH Chief Financial Officer Jean-Jacques Guiony said the company was looking to renovate all 300-plus Tiffany & Co. stores worldwide within the next three to four years because, “not one single store, apart from the few ones that we have already renovated, are up to our standards.”
“It will take a lot of time and money to redo them,” he noted.
In Tuesday’s earnings release, LVMH said Tiffany’s new store concept continued to be rolled out with “great success.”
It also noted revenue at its flagship store on Fifth Avenue, which was the first to be renovated and is now known as “The Landmark,” broke records in 2024.
Total revenue for LVMH in 2024 was €84.68 billion ($88.31 billion), down 2 percent year-over-year (up 1 percent on an organic basis), a performance that beat analysts’ expectations.
Profit from recurring operations fell 14 percent to €19.57 billion ($20.41 billion).
LVMH said its 1 percent organic revenue growth came despite a “challenging economic and geopolitical environment, as well as a high basis of comparison following several years of exceptional post-COVID growth.”
The United States, Japan, and Europe all recorded revenue growth in 2024, with sales in Japan and Europe bolstered by the spending of Chinese customers.
Selective Retailing, which includes Sephora, was the company’s top-performing division, with sales up 2 percent year-over-year (6 percent on an organic basis).
Commenting on the company’s 2024 results, LVMH Chairman and CEO Bernard Arnault said, “In 2024, amid an uncertain environment, LVMH showed strong resilience.
“This capacity to weather the storm in highly turbulent times … is yet another testament to the strength and relevance of our strategy.”
In his remarks, Arnault also mentioned the highlights of 2024, including the 10th anniversary of the Fondation Louis Vuitton museum and cultural center, the reopening of the renovated Notre Dame cathedral—LMVH was a donor to the restoration efforts—and the company’s partnership with the 2024 Paris Olympic and Paralympic Games.
He said the Olympics, “showcased French expertise and craftsmanship on the global stage,” remarks that came despite the fact that the French Mint is having to replace a number of the Chaumet-designed medals awarded to athletes because they are losing their luster.
Editors' Picks
Sponsored by
More on Financials
The Latest
CollectionsJan 29, 2025
Boucheron’s High Jewelry Takes the Form of ‘Untamed Nature’The jeweler’s latest high jewelry collection looks into the Boucheron archives to create a “living encyclopedia of high jewelry.”
MajorsJan 29, 2025
Chanel Names New General Manager of Watches, Fine Jewelry for USOlivier Kessler-Gay will take over the role on March 3.
SurveysJan 29, 2025
Consumer Confidence Slips for Second Consecutive Month It hit a four-month low in January due to concerns about the job market, though consumers remain bullish about the stock market.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
Events & AwardsJan 29, 2025
Chris Ploof To Teach Mokume Gane at AJSThe jewelry designer and master metalsmith will present on the ancient Japanese metalworking technique at the Atlanta Jewelry Show in March.
Weekly QuizJan 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJan 28, 2025
WFDB Joins Efforts to Promote Natural Diamonds With New CampaignThe “Moments” social media campaign emphasizes the emotional ties between natural diamonds and life’s special milestones.
CollectionsJan 28, 2025
Bliss Lau Celebrates the Intricate Mosaic of Identity in New CollectionThe versatile “As We Are” collection features 14 pieces with interlocking designs allowing for 27 different looks worn around the body.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
SourcingJan 28, 2025
Botswana’s First Olympic Gold Medalist Is Now a De Beers Ambassador Letsile Tebogo will help to promote natural diamonds and the good they have done for his country.
Events & AwardsJan 28, 2025
NouvelleBox Show Returns to New York CityThe showcase, in its second year, will feature more than 20 international brands at its curated event from Feb. 2-4.
Recorded WebinarsJan 28, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
Events & AwardsJan 28, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
MajorsJan 27, 2025
Le Vian Corp. Chairman Larry LeVian, a Man of Faith and Family, Dies at 73 LeVian is remembered for his leadership in the jewelry industry and for being a selfless and compassionate person.
CrimeJan 27, 2025
New Jersey Jeweler Sentenced to 2 1/2 Years for Evading CustomsMonishkumar Kirankumar Doshi Shah pleaded guilty to evading customs on more than $13.5 million of jewelry imported into the U.S.
SourcingJan 27, 2025
Dev Shetty To Head New Auction House for Rare Colored GemsJemora Gemhouse’s inaugural auction, slated for March, will take place in Dubai and feature polished sapphires.
CollectionsJan 27, 2025
Rachel Quinn Embodies Feelings of Falling in Love in New CollectionQuinn partnered with Gemfields to create “Crazy Love,” which features Zambian emeralds and Mozambican rubies across 10 pieces.
MajorsJan 27, 2025
Arch Crown’s 2025 ‘Tag & Label’ Catalog Is Out Now The catalog is 48 pages and features more than 100 styles.
CollectionsJan 24, 2025
Piece of the Week: Ashley Zhang Jewelry’s Lunar New Year NecklaceThe one-of-a-kind necklace was designed in celebration of the Chinese New Year, as 2025 is the Year of the Snake.
SourcingJan 24, 2025
Ethical Gem Fair Heads Back to Tucson The gemstone show is slated to take place at the Scottish Rite Cathedral.
Policies & IssuesJan 24, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
CrimeJan 23, 2025
4 Men Arrested After Allegedly Plotting to Kidnap JewelerThe suspects are accused of planning to kidnap a Miami jeweler and rob him of his cryptocurrency.
CrimeJan 23, 2025
Security Guard Killed in Armed Robbery at Namibian Diamond Co. Francis “Gosh” Eiseb, 58, was a senior protection officer for Namib Desert Diamonds, also known as Namdia, in Windhoek, Namibia.
SourcingJan 23, 2025
RapNet, AGTA Partner to Launch Gemstone Trading NetworkThe online diamond and jewelry marketplace has expanded, introducing a new platform dedicated to colored gemstone trading.
Events & AwardsJan 23, 2025
Plumb Club Announces Speaker Lineup for Symposium ‘25The second annual learning forum for retailers is slated for March 13 at City Winery in Pier 57 in New York City.
SourcingJan 23, 2025
Fancy Color Research Foundation Names New CEORoy Safit took over the role on Jan. 1.
ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
Policies & IssuesJan 22, 2025
Jewelers Mutual Steps Up Aid for LA Jewelry BusinessesThe company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
