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.
Editors' Picks
Sponsored by
More on Financials
The Latest
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
TrendsAug 26, 2026
Boucheron’s New Campaign Celebrates Its ‘Question Mark’ NecklacesThe campaign highlights the asymmetrical high jewelry necklace style that the jeweler first created in 1879.
Events & AwardsAug 26, 2026
Harry Winston Exhibition to Open in ShanghaiIt will explore the life of “The King of Diamonds” and showcase more than 165 creations from the brand.
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
Events & AwardsAug 24, 2026
Rio Grande, MetalWerx Host Argentium Silver WorkshopThe class, led by renowned metalsmith Cynthia Eid, highlighted Argentium silver as an alternative to gold amid high prices.
Events & AwardsAug 24, 2026
JIS Miami Opens Fall 2026 RegistrationThe show is slated for Oct. 16-19 at the Miami Beach Convention Center.
CollectionsAug 24, 2026
Francesca Villa Honors Napoleon, His Empresses In New CapsuleThe “Empresses” capsule uses 19th-century medals depicting Napoleon, Joséphine, and Marie-Louise across five one-of-a-kind pieces.
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
