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.”
More on Financials
The Latest
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
WatchesSep 05, 2025
Patrick Mahomes Is the New Hublot Brand AmbassadorThe Kansas City Chiefs quarterback shares Hublot’s dedication to pursuing greatness, the Swiss watchmaker said.
Weekly QuizSep 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingSep 04, 2025
Lucara Unveils Unusual 37-Carat Pink DiamondThe Type IIa stone, recovered from Botswana’s Karowe diamond mine last month, features unique coloration.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsSep 04, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
WatchesSep 04, 2025
Breitling Takes Its NFL Game to the Next Level Breitling is now the NFL’s official timepiece partner, a move that puts the brand in front of the millions of Americans who watch football.
Events & AwardsSep 04, 2025
The NYC Jewelry, Antique, & Object Show Returns in NovemberNYCJAOS is set for Nov. 21-23 in New York City’s Chelsea neighborhood.
SourcingSep 03, 2025
Gemfields Confirms Completion of Fabergé SaleU.S.-based investment company SMG Capital LLC is the new owner of the luxury brand.
MajorsSep 03, 2025
These Are the Nearly 300 Claire’s Stores Set to CloseA new court filing details the locations of the stores that will close, as well as the 830 that will remain open.
MajorsSep 03, 2025
Stuller Releases 2 New Catalogs The new catalogs are “Tools, Equipment, & Metals” and “Findings & Metals.”
TrendsSep 03, 2025
Amanda’s Style File: A Perfect BirthstoneSapphire’s variety of colors make it the perfect birthstone for September.
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps DownNiccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in JapanThe three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.
CollectionsSep 02, 2025
Stephanie Gottlieb Debuts Silver Designs in ‘All Hours’ CollabThe collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and CoachingSponsored by Clientbook
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales SlumpPresident Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.
MajorsAug 28, 2025
Borsheims Names New Jewelry BuyerFormer Free People buyer Afton Robertson-Kanne recently joined the retailer.
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis StudentsThe jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond CutsThe singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem MineDubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.
