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
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
