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LVMH sees growth in first quarter revenue
Sales in the Watches and Jewelry division increased to $763 million, and there was “excellent momentum” in the U.S. market.
This ladies’ quartz watch, a special edition created with new brand ambassador Cara Delevingne in mind, was among the new timepieces TAG Heuer introduced at Baselworld. LVMH owns TAG Heuer along with Hublot and Zenith.
Paris--With “excellent momentum” in the United States and Europe, LVMH recorded a 16 percent increase in first quarter sales, or 3 percent with comparable structure and constant exchange rates.
The Paris-based luxury conglomerate’s Watches & Jewelry division was among the top-performing categories.
In its first quarter earnings report released Monday, LVMH Moët Hennessy Louis Vuitton stated that sales of its watch and jewelry brands rose 19 percent (7 percent with comparable structure and constant exchange rates) year-over-year, from $641 million to $763 million.
Bulgari “continues to deliver good growth,” driven by the success of its staple jewelry collections and its new women’s watch, the Lvcea, while Hublot had a “very good start to the year” and TAG Heuer “continued to refocus on its core offering.”
LVMH noted in its financial report that it introduced several new watches at the recently held Baselworld show in Switzerland, including the announcement of a partnership between TAG Heuer and Google and Intel to launch a luxury smartwatch later in the year.
Total first quarter sales for LVMH hit $8.8 billion.
Selective Retailing, the segment of the business that includes Sephora, saw the strongest quarterly growth with reported sales climbing 20 percent year-over-year. Watches & Jewelry were next at 19 percent, followed by Perfumes & Cosmetics (16 percent), Fashion & Leather Goods (13 percent) and Wines & Spirits (12 percent).
The company noted that in the Selective Retailing category, “Online sales are expanding very rapidly.”
LVMH said it will continue to focus its efforts on developing its brands and will maintain a strict control over costs.
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