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
MajorsFeb 12, 2026
These 8 Saks Fifth Avenue Stores Are ClosingParent company Saks Global is also closing nearly all Saks Off 5th locations, a Neiman Marcus store, and 14 personal styling suites.
CollectionsFeb 12, 2026
British Museum Raises $5M to Keep Jewel Linked to Henry VIII, Katherine of AragonIt is believed the 24-karat heart-shaped enameled pendant was made for an event marking the betrothal of Princess Mary in 1518.
SourcingFeb 12, 2026
‘Cotton Candy’ Necklace, 35-Carat Kunzite Win 2025 ‘Buyer’s Choice’ AwardsThe AGTA Spectrum and Cutting Edge “Buyer’s Choice” award winners were announced at the Spectrum Awards Gala last week.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
Events & AwardsFeb 12, 2026
Kering Opens Entries for 2026 Sustainability-Focused AwardThe “Kering Generation Award x Jewelry” returns for its second year with “Second Chance, First Choice” as its theme.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsFeb 11, 2026
Halle Berry’s Retro Engagement Ring Is a Sapphire-Set StunnerSourced by For Future Reference Vintage, the yellow gold ring has a round center stone surrounded by step-cut sapphires.
MajorsFeb 11, 2026
Francesca’s Files for Chapter 11 Bankruptcy AgainThe clothing and accessories chain announced last month it would be closing all of its stores.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
CollectionsFeb 11, 2026
Zales Turns Sweethearts Into Jewelry for Valentine’s Day CollectionThe “Zales x Sweethearts” collection features three mystery heart charms engraved with classic sayings seen on the Valentine’s Day candies.
TechnologyFeb 11, 2026
Gemvision Symposium 2026 Slated for AprilThe event will include panel discussions, hands-on demonstrations of new digital manufacturing tools, and a jewelry design contest.
Events & AwardsFeb 11, 2026
TJS Announces Roundtable, Launches New AppRegistration is now open for The Jewelry Symposium, set to take place in Detroit from May 16-19.
SourcingFeb 10, 2026
At Meeting in South Africa, Support for Natural Diamonds Picks Up Steam Namibia has formally signed the Luanda Accord, while two key industry organizations pledged to join the Natural Diamond Council.
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
SourcingFeb 10, 2026
AGTA To Debut ‘Stuller Color of the Year’ Spectrum Awards CategoryThe new category asks entrants for “exceptional” interpretations of the supplier’s 2026 color of the year, which is “Signature Red.”
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
