FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowFinancialsJul 28, 2026
Tiffany & Co., Bulgari Lead the Way for LVMH in H1
LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”
A Tiffany & Co. “Butterfly” necklace, part of the LVMH-owned brand’s “Hidden Garden” high jewelry collection. Tiffany & Co. and Bulgari were standouts in the first half for LVMH.
Paris—LVMH’s sales struggled in the first half of the year amid a challenging geopolitical environment, but its jewelry brands put on a solid performance.
For the period ended June 30, LVMH’s revenue totaled €38.64 billion ($43.97 billion), down 3 percent year-over-year (up 2 percent in organic terms).
Q2 revenue was flat (up 3 percent in organic terms) year-over-year reaching €19.52 billion ($22.21 billion).
“LVMH maintained its innovative momentum and remained very solid in a geopolitical and economic environment that remained disrupted, amplified by the conflict in the Middle East,” the company said.
Though 2026 got off to a rough start, sales picked up in Q2, with the United States in particular seeing strong growth in the first half of the year.
LVMH attributed the Q2 sales growth in part to strong sales of classic lines at Tiffany & Co. and Bulgari, LVMH CEO Bernard Arnault said in a statement, as well as the success of Jonathan Anderson’s first designs for Christian Dior and Louis Vuitton’s new stores in Beijing and Seoul.
“Jewelry recorded an excellent performance in the first half of the year, including double-digit growth in the second quarter and positive growth across all key regions, driven by the U.S., Asia, and Japan,” LVMH Director of Financial Communications Rodolphe Ozun said on the company’s earnings call Thursday afternoon.
In the watches and jewelry segment, first-half sales were up 3 percent year-over-year (up 9 percent in organic terms) to €5.23 billion ($5.95 billion).
Q2 sales in the segment climbed 7 percent (up 11 percent in organic terms) to €2.78 billion ($3.16 billion).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
Tiffany & Co.’s Knot and HardWear lines performed especially well, as did its 2026 Blue Book “Hidden Garden” high jewelry.
The renovation of the brand’s stores continues, with 40 percent of its fleet now renovated, LVMH said.
Tiffany & Co. also debuted a marketing campaign with its new global brand ambassador Natalie Portman earlier this year.
“It’s really, for Tiffany, the transformation agenda that is bearing fruits and success with the strength of the icons becoming even stronger quarter after quarter,” LVMH CFO Cécile Cabanis said on the call.
Bulgari debuted “Eclettica,” a new high jewelry and watch line, which posted record-breaking revenue, said LVMH.
The brand’s new “Vimini” line is performing well, and there’s a new campaign for its “Serpenti” collection.
Bulgari named singer Dua Lipa and actor Jake Gyllenhaal as new brand ambassadors earlier this year.
Chaumet has continued to expand its “Bee de Chaumet” and “Joséphine” lines while introducing the “A Journey Through Nature” and “Envol” collections.
Fred is celebrating its 90th anniversary by adding new pieces to its “Force 10 Rise” and “Chance Infinie” collections.
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For the period ended June 30, LVMH’s revenue totaled €38.64 billion ($43.97 billion), down 3 percent year-over-year (up 2 percent in organic terms).
Q2 revenue was flat (up 3 percent in organic terms) year-over-year reaching €19.52 billion ($22.21 billion).
“LVMH maintained its innovative momentum and remained very solid in a geopolitical and economic environment that remained disrupted, amplified by the conflict in the Middle East,” the company said.
Though 2026 got off to a rough start, sales picked up in Q2, with the United States in particular seeing strong growth in the first half of the year.
LVMH attributed the Q2 sales growth in part to strong sales of classic lines at Tiffany & Co. and Bulgari, LVMH CEO Bernard Arnault said in a statement, as well as the success of Jonathan Anderson’s first designs for Christian Dior and Louis Vuitton’s new stores in Beijing and Seoul.
“Jewelry recorded an excellent performance in the first half of the year, including double-digit growth in the second quarter and positive growth across all key regions, driven by the U.S., Asia, and Japan,” LVMH Director of Financial Communications Rodolphe Ozun said on the company’s earnings call Thursday afternoon.
In the watches and jewelry segment, first-half sales were up 3 percent year-over-year (up 9 percent in organic terms) to €5.23 billion ($5.95 billion).
Q2 sales in the segment climbed 7 percent (up 11 percent in organic terms) to €2.78 billion ($3.16 billion).
LVMH’s jewelry portfolio is comprised of Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co.
Tiffany & Co.’s Knot and HardWear lines performed especially well, as did its 2026 Blue Book “Hidden Garden” high jewelry.
The renovation of the brand’s stores continues, with 40 percent of its fleet now renovated, LVMH said.
Tiffany & Co. also debuted a marketing campaign with its new global brand ambassador Natalie Portman earlier this year.
“It’s really, for Tiffany, the transformation agenda that is bearing fruits and success with the strength of the icons becoming even stronger quarter after quarter,” LVMH CFO Cécile Cabanis said on the call.
Bulgari debuted “Eclettica,” a new high jewelry and watch line, which posted record-breaking revenue, said LVMH.
The brand’s new “Vimini” line is performing well, and there’s a new campaign for its “Serpenti” collection.
Bulgari named singer Dua Lipa and actor Jake Gyllenhaal as new brand ambassadors earlier this year.
Chaumet has continued to expand its “Bee de Chaumet” and “Joséphine” lines while introducing the “A Journey Through Nature” and “Envol” collections.
Fred is celebrating its 90th anniversary by adding new pieces to its “Force 10 Rise” and “Chance Infinie” collections.
LVMH’s watch brand portfolio includes TAG Heuer, Hublot, and Zenith.
LVMH said TAG Heuer continues to benefit from its Formula 1 partnership during the 2026 season, rolling out various marketing activations.
Hublot debuted new limited editions of its “Big Bang” timepieces while Zenith added new models to its “G.F.J.” and “Chronomaster” lines.
Looking at LVMH’s performance by region, the company said it had a positive start to the year in the U.S., with sales up 6 percent in Q2 and 4 percent in H1.
The company noted “good resilience” in Europe, while Asia, excluding Japan, saw strong growth.
Japan posted growth for the half-year period after a strong Q2.
The Middle East region had a solid start to the year but was impacted by the conflicts that arose in the region following U.S. strikes on Iran in February, which in turn impacted top-line growth in H1 by negative one point, Cabanis said.
The U.S. accounted for 25 percent of revenue in H1, in line with fiscal 2025.
LVMH did not provide guidance for the year ahead but said it “remains confident” despite the uncertain geopolitical and economic environment.
“While continuing to pay very close attention to margins, we are entering the second half of the year with renewed confidence in the long-term potential of our maisons and in our highly committed teams to continue to stand out and reinforce LVMH’s leadership position,” Arnault said.
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