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
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
