FinancialsJan 16, 2026
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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.
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“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.
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