FinancialsMar 21, 2025
Swarovski Says Its Lab-Grown Diamond Sales Doubled in 2024FinancialsApr 15, 2025
LVMH’s Q1 Sales Slip 2 Percent
LVMH CFO Cécile Cabanis also discussed the effects of tariffs so far.
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 were flat on an organic basis in the first quarter of the company’s fiscal year.
Paris—LVMH reported declining revenue in the first quarter, with its watch and jewelry division serving as the only somewhat bright spot.
The luxury conglomerate said Monday that Q1 revenue slipped 2 percent (3 percent on an organic basis) to €20.31 billion ($23.03 billion).
Its wine and spirits division saw the steepest decline at 8 percent (9 percent on an organic basis) followed by the fashion and leather goods division, down 4 percent (5 percent on an organic basis).
LVMH’s watch and jewelry division was the only category to report sales growth, albeit only slight growth.
Quarterly sales of watches and jewelry rose 1 percent (flat on an organic basis) to €2.48 billion ($2.81 billion).
“LVMH showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment,” the company said.
On an earnings call Monday, LVMH Chief Financial Officer Cécile Cabanis said the company did not see a major change in trends due to tariffs in Q1.
“Now, it’s true that aspirational clientele is always more vulnerable in less positive economic cycles,” she noted. “It might have had some impact in recent weeks.”
Looking to the United States, sales in the region fell slightly.
“Despite the context of uncertainty preceding the tariffs announcement, American demand for fashion and leather goods and watches and jewelry remained well-oriented and accelerated modestly compared to the second half of last year,” Cabanis said.
The U.S. remains LVMH’s second-largest market (24 percent of total revenue) behind Asia, up from 23 percent in the previous first quarter.
Europe posted growth on a constant currency basis.
Sales in Japan fell year-over-year against tough comps, with LVMH noting that last year’s Q1 sales were boosted by strong growth in Chinese consumer spending in the country. The rest of Asia followed trends similar to last year.
Related stories will be right here …
The luxury conglomerate said Monday that Q1 revenue slipped 2 percent (3 percent on an organic basis) to €20.31 billion ($23.03 billion).
Its wine and spirits division saw the steepest decline at 8 percent (9 percent on an organic basis) followed by the fashion and leather goods division, down 4 percent (5 percent on an organic basis).
LVMH’s watch and jewelry division was the only category to report sales growth, albeit only slight growth.
Quarterly sales of watches and jewelry rose 1 percent (flat on an organic basis) to €2.48 billion ($2.81 billion).
“LVMH showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment,” the company said.
On an earnings call Monday, LVMH Chief Financial Officer Cécile Cabanis said the company did not see a major change in trends due to tariffs in Q1.
“Now, it’s true that aspirational clientele is always more vulnerable in less positive economic cycles,” she noted. “It might have had some impact in recent weeks.”
Looking to the United States, sales in the region fell slightly.
“Despite the context of uncertainty preceding the tariffs announcement, American demand for fashion and leather goods and watches and jewelry remained well-oriented and accelerated modestly compared to the second half of last year,” Cabanis said.
The U.S. remains LVMH’s second-largest market (24 percent of total revenue) behind Asia, up from 23 percent in the previous first quarter.
Europe posted growth on a constant currency basis.
Sales in Japan fell year-over-year against tough comps, with LVMH noting that last year’s Q1 sales were boosted by strong growth in Chinese consumer spending in the country. The rest of Asia followed trends similar to last year.
As for LVMH’s jewelry brands, Tiffany & Co. continued to roll out its new store concept, inspired by “The Landmark,” its New York City flagship.
The brand highlighted the success of several lines, including “Tiffany T,” “Lock,” “Hardwear,” and “Knot.”
Bulgari highlighted its “Serpenti” line through immersive art exhibitions in Shanghai and Seoul, celebrating the Year of the Snake.
It opened a new flagship store in Milan, inaugurated its watchmaking workshop in Switzerland, and extended its manufacturing capacities in Valenza, Italy.
Chaumet refreshed its “Bee de Chaumet” collection, which reinterprets the symbol of the bee.
As for its watch brands, TAG Heuer, Hublot, and Zenith presented their new timepieces in New York and Paris during the sixth LVMH Watch Week.
TAG Heuer is once again the official timekeeper of Formula 1, starting at the Australian Grand Prix.
Looking to the year ahead, LVMH did not provide specific guidance, but said the company will remain “vigilant and confident” in the face of an “disrupted geopolitical and economic environment.”
“LVMH will rely on the talent and motivation of its teams, the diversity of its businesses and the good geographic balance of its revenue to further strengthen its global leadership position in luxury goods in 2025,” the company said.
More on Financials
The Latest
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
