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
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
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.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
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.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
