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.
More on Financials
The Latest
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
