FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’
Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.
The “Celestial Mosaic” necklace, set with a 131.21-carat spinel, from LVMH-owned brand Bulgari’s “Polychroma” high jewelry collection. LVMH’s watch and jewelry sales were flat in organic terms in the first half of the year, with jewelry sales stronger than watch sales.
Paris—LVMH’s first-half sales declined as the luxury titan grappled with a “disrupted” geopolitical and economic environment.
In the first half of the year, LVMH’s revenue totaled €39.81 billion ($46.74 billion), down 4 percent year-over-year.
In the second quarter, revenue was down 7 percent year-over-year (4 percent in organic terms) to €19.5 billion ($22.89 billion).
“LVMH showed solidity in the current context,” LVMH Chairman and CEO Bernard Arnault said, giving credit to the innovation and craftsmanship at its brands.
“Beyond the prevailing uncertainties, we remain focused thanks to the long-term vision that has always guided our family group.”
LVMH said sales in its watches and jewelry division remained stable in the first half of the year, with its iconic lines doing especially well.
On an earnings call Thursday, LVMH Chief Financial Officer Cecile Cabanis said the “modest” growth in jewelry sales was offset by weakness in watches.
In the first half, revenue in the watches and jewelry segment was down 1 percent year-over-year (flat in organic terms) to €5.09 billion ($5.98 billion).
In the second quarter, revenue in the category totaled €2.61 billion ($3.06 billion), down 3 percent year-over-year (flat in organic terms).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
Tiffany & Co. has been expanding its collections, including “Tiffany T,” “Lock,” HardWear,” and “Knot.”
The retailer also has been rolling out its new concept stores inspired by The Landmark in New York City, and recently opened its largest European flagship store in Milan.
The store renovations and related communications led to a decline in profit from recurring operations, said LVMH.
Bulgari has been celebrating the Year of the Snake in the Chinese zodiac with immersive art exhibitions showcasing its “Serpenti” line in Shanghai and Seoul.
The brand released its new “Polychroma” high jewelry collection in Taormina, Italy, in May.
It also has a new flagship in Milan on Via Monte Napoleone, and recently expanded its manufacturing site in Valenza, Italy.
Chaumet has been actively developing its signature “Bee de Chaumet” jewelry line and introduced its “New Jewels by Nature” high jewelry collection.
Fred expanded its “Force10” collection and debuted new high jewelry designs at the Cannes Film Festival.
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In the first half of the year, LVMH’s revenue totaled €39.81 billion ($46.74 billion), down 4 percent year-over-year.
In the second quarter, revenue was down 7 percent year-over-year (4 percent in organic terms) to €19.5 billion ($22.89 billion).
“LVMH showed solidity in the current context,” LVMH Chairman and CEO Bernard Arnault said, giving credit to the innovation and craftsmanship at its brands.
“Beyond the prevailing uncertainties, we remain focused thanks to the long-term vision that has always guided our family group.”
LVMH said sales in its watches and jewelry division remained stable in the first half of the year, with its iconic lines doing especially well.
On an earnings call Thursday, LVMH Chief Financial Officer Cecile Cabanis said the “modest” growth in jewelry sales was offset by weakness in watches.
In the first half, revenue in the watches and jewelry segment was down 1 percent year-over-year (flat in organic terms) to €5.09 billion ($5.98 billion).
In the second quarter, revenue in the category totaled €2.61 billion ($3.06 billion), down 3 percent year-over-year (flat in organic terms).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
Tiffany & Co. has been expanding its collections, including “Tiffany T,” “Lock,” HardWear,” and “Knot.”
The retailer also has been rolling out its new concept stores inspired by The Landmark in New York City, and recently opened its largest European flagship store in Milan.
The store renovations and related communications led to a decline in profit from recurring operations, said LVMH.
Bulgari has been celebrating the Year of the Snake in the Chinese zodiac with immersive art exhibitions showcasing its “Serpenti” line in Shanghai and Seoul.
The brand released its new “Polychroma” high jewelry collection in Taormina, Italy, in May.
It also has a new flagship in Milan on Via Monte Napoleone, and recently expanded its manufacturing site in Valenza, Italy.
Chaumet has been actively developing its signature “Bee de Chaumet” jewelry line and introduced its “New Jewels by Nature” high jewelry collection.
Fred expanded its “Force10” collection and debuted new high jewelry designs at the Cannes Film Festival.
LVMH’s watch brand portfolio consists of TAG Heuer, Hublot, and Zenith.
TAG Heuer, after signing a partnership with Formula 1 last year, became the event’s first partner, with visibility at the Monaco Grand Prix.
Hublot honored the 20th anniversary of its “Big Bang” collection with new watch models.
Zenith celebrated its 160th anniversary, introducing a limited edition of the G.F.J. Calibre 135.
Looking at LVMH’s performance by region, the company said there was solid local demand in the United States and Europe.
Sales in the U.S. were flat in the second quarter and down 1 percent in the first half on an organic basis.
The U.S. is LVMH’s largest market in terms of revenue, just behind Asia. It accounted for 25 percent of revenue in H1 2025, unchanged from the first half of 2024.
LVMH recently appointed Michael Burke chairman and CEO of LVMH Americas.
Sales in Japan fell 28 percent in the second quarter and 15 percent in the first half, facing tough comps from H1 2024 when tourist spending in the country drove up sales, said LVMH.
LVMH did not provide guidance for the year ahead.
However, Arnault said, “We head into the second half of the year with great vigilance, and I am confident in LVMH’s tremendous long-term potential and the commitment of our teams to further reinforce the group’s leadership position in luxury goods.”
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