FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3FinancialsJan 28, 2026
Tiffany & Co., Bulgari Sales Resilient as LVMH’s 2025 Sales Slip
The brands’ high jewelry collections performed especially well last year despite a challenging environment.
This “Gioco di Forme e Colori” timepiece, part of LVMH-owned Bulgari’s “Polychroma” high jewelry collection, comes with a watch cover that detaches to be worn as a brooch. Both Bulgari and Tiffany & Co. found success with their high jewelry collections in 2025 despite an otherwise challenging fiscal year for LVMH.
Paris—LVMH’s full-year sales declined as the luxury giant navigated a challenging environment, but its jewelry brands held their own.
“I think we’ll make it through the winter,” said LVMH Chairman and CEO Bernard Arnault on an earnings call Tuesday afternoon.
“The results of the group are solid in a rather challenging, disrupted climate economically [and] from the geopolitical standpoint, but we’ve managed to get through this period. 2026 won’t be simple either, but one thing at a time.”
LVMH’s 2025 revenue totaled €80.81 billion ($96.79 billion), down 5 percent year-over-year (1 percent in organic terms).
In the fourth quarter, revenue was also down 5 percent year-over-year (up 1 percent in organic terms) to €22.72 billion ($27.21 billion).
Full-year revenue in the watches and jewelry segment was down 1 percent year-over-year (up 3 percent in organic terms) to €10.49 billion ($12.56 billion).
In the fourth quarter, revenue in the category totaled €3.08 billion ($3.69 billion), up 1 percent year-over-year (8 percent in organic terms).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
Tiffany & Co. has continued to renovate its store network, and opened flagships in Milan and Tokyo in 2025, which it said saw high levels of in-store traffic and revenue.
Arnault spoke about the changes at Tiffany & Co. since its acquisition in 2021, highlighting its store renovations and its development of more high jewelry collections and fewer silver products.
“If we continue like that—perhaps we’ll have to wait another five to 10 years—it’s likely to become the world’s leading jewelry brand,” he said.
Its “HardWear,” “Knot,” and “Bird on a Rock” collections have performed especially well.
Its “Blue Book Sea of Wonder” line also did well, posting “record-breaking” sales in high jewelry for the brand, said LVMH.
The collection won two awards at the Grand Prix de la Haute Joaillerie in Monaco.
Bulgari “had another record year,” said LVMH, with its “Polychroma” high jewelry collection generating record sales of multi-million-dollar pieces.
It also opened new flagship stores in key markets, including Milan, Los Angeles, Miami, Tokyo, and Riyadh.
Chaumet debuted its “Jewels by Nature” high jewelry collection and continued to develop its “Bee de Chaumet” line.
Fred added new pieces to its “Force 10” collection, a unisex jewelry line that combines a braided steel sailing cable and a gold buckle.
Arnault also added that its Louis Vuitton brand is also actively developing its jewelry lines.
Related stories will be right here …
“I think we’ll make it through the winter,” said LVMH Chairman and CEO Bernard Arnault on an earnings call Tuesday afternoon.
“The results of the group are solid in a rather challenging, disrupted climate economically [and] from the geopolitical standpoint, but we’ve managed to get through this period. 2026 won’t be simple either, but one thing at a time.”
LVMH’s 2025 revenue totaled €80.81 billion ($96.79 billion), down 5 percent year-over-year (1 percent in organic terms).
In the fourth quarter, revenue was also down 5 percent year-over-year (up 1 percent in organic terms) to €22.72 billion ($27.21 billion).
Full-year revenue in the watches and jewelry segment was down 1 percent year-over-year (up 3 percent in organic terms) to €10.49 billion ($12.56 billion).
In the fourth quarter, revenue in the category totaled €3.08 billion ($3.69 billion), up 1 percent year-over-year (8 percent in organic terms).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
Tiffany & Co. has continued to renovate its store network, and opened flagships in Milan and Tokyo in 2025, which it said saw high levels of in-store traffic and revenue.
Arnault spoke about the changes at Tiffany & Co. since its acquisition in 2021, highlighting its store renovations and its development of more high jewelry collections and fewer silver products.
“If we continue like that—perhaps we’ll have to wait another five to 10 years—it’s likely to become the world’s leading jewelry brand,” he said.
Its “HardWear,” “Knot,” and “Bird on a Rock” collections have performed especially well.
Its “Blue Book Sea of Wonder” line also did well, posting “record-breaking” sales in high jewelry for the brand, said LVMH.
The collection won two awards at the Grand Prix de la Haute Joaillerie in Monaco.
Bulgari “had another record year,” said LVMH, with its “Polychroma” high jewelry collection generating record sales of multi-million-dollar pieces.
It also opened new flagship stores in key markets, including Milan, Los Angeles, Miami, Tokyo, and Riyadh.
Chaumet debuted its “Jewels by Nature” high jewelry collection and continued to develop its “Bee de Chaumet” line.
Fred added new pieces to its “Force 10” collection, a unisex jewelry line that combines a braided steel sailing cable and a gold buckle.
Arnault also added that its Louis Vuitton brand is also actively developing its jewelry lines.
LVMH’s watch brand portfolio includes TAG Heuer, Hublot, and Zenith.
Its brands unveiled new innovations at this year’s watch shows, including limited editions from Hublot and Zenith that were well-received, said LVMH.
TAG Heuer had a high-visibility year in 2025 after signing a partnership with Formula 1 last year, becoming the first title sponsor of F1’s Monaco Grand Prix.
For the 20th anniversary of its “Big Bang” collection, Hublot added new watch models to the line.
Zenith celebrated its 160th anniversary, introducing a limited edition of the G.F.J. Calibre 135 timepiece.
Looking at LVMH’s performance by region, the company said the United States saw growth, boosted by solid local demand, while Europe saw sales decline in the second half of the year.
Sales in Japan were down, while the rest of Asia saw trends improve, returning to growth in the second half of the year.
Sales in the U.S. were up 1 percent in the fourth quarter and flat for the full year on an organic basis.
The U.S. is in a three-way tie with Europe and Asia for LVMH’s largest market in terms of revenue. The U.S. accounted for 26 percent of revenue in 2025, up from 25 percent in 2024.
LVMH did not provide guidance for the year ahead.
The company is “optimistic in the medium-term,” said Arnault, but he added that it’s “very difficult to provide a serious forecast with so many events and the pace of decisions taken left and right in various countries. It’s extremely difficult to control all these economic impacts on our company.”
“One thing I am sure of is that the desire for high-quality products goes hand-in-hand with growing living standards in the world,” he said.
More on Financials
The Latest
TrendsFeb 17, 2026
A Bit of Jewelry for the Year of the HorseWestern wear continues to trend in the Year of the Fire Horse and along with it, horse and horseshoe motifs in jewelry.
SourcingFeb 17, 2026
Colored Gemstone Experts Talk Tariffs, Trends in TucsonAlthough the market is robust, tariffs and precious metal prices are impacting the industry, Stuart Robertson and Brecken Branstrator said.
GradingFeb 17, 2026
Dr. George Rossman, Former GIA Governor, Dies at 81Rossman, who advised GIA for more than 50 years, is remembered for his passion and dedication to the field of gemology.
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.
CrimeFeb 13, 2026
JSA Offering $10K Reward in Nancy Guthrie Case Guthrie, the mother of “Today” show host Savannah Guthrie, was abducted just as the Tucson gem shows were starting.
Weekly QuizFeb 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 13, 2026
97-Year-Old New Mexico Jewelry Store To CloseButterfield Jewelers in Albuquerque, New Mexico, is preparing to close as members of the Butterfield family head into retirement.
CollectionsFeb 13, 2026
A ‘Rosebud’ Necklace for Valentine’s DayPaul Morelli’s “Rosebud” necklace, our Piece of the Week, uses 18-karat rose, green, and white gold to turn the symbol of love into jewelry.
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.
MajorsFeb 13, 2026
JFC Announces New BeneficiariesThe nonprofit has welcomed four new grantees for 2026.
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.
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.
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.
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.
