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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.
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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.
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