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.
Related stories will be right here …
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.”
Editors' Picks
Sponsored by
More on Financials
The Latest
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
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.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
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.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
SourcingJul 21, 2026
Anglo Reportedly Selects Gareth Penny’s Consortium as Top Bidder for De BeersA Botswana government official told lawmakers Anglo has selected The Global Diamond Consortium, an entity chaired by Penny, to buy De Beers.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
