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FinancialsJan 30, 2017
Watch, Jewelry Sales Up 5% for LVMH in 2016
But the CEO of the luxury conglomerate has warned employees to be cautious and “very vigilant” in the year ahead due to geopolitical instability worldwide.
Bulgari’s black ceramic Serpenti Spiga with 18-karat rose gold touches ($10,500). The Italian brand was one of LVMH’s top performing watch and jewelry brands in 2016.
Paris--LVMH Moët Hennessy Louis Vuitton, owner of Bulgari and TAG Heuer, reported 5 percent year-over-year growth in its Watches & Jewelry division in 2016.
Sales of the watch and jewelry brands owned by the luxury conglomerate totaled $3.72 billion last year, compared with $3.55 billion in 2015.
Profit was up 6 percent year-over-year.
LVMH said both Bulgari and TAG Heuer gained market share in 2016.
Bulgari did so with the extensions to its Serpenti, Diva and B.zero1 lines. TAG Heuer benefitted from the success of its new collections and Connected, its smartwatch.
Hublot recorded the best year in its history as it continued to grow its business in Asia, LVMH said.
LVMH also owns Zenith, Chaumet and Fred, and operates the De Beers-branded chain of jewelry stores in partnership with the diamond miner and marketer, though the company did not provide any specifics on the chain’s performance in 2016.
Total sales for LVMH, which said it had a record year for revenue and profit from recurring operations, also rose 5 percent (6 percent organic growth) in 2016, from $38.31 billion to $40.35 billion.
The American market “remains on a good track,” with sales growing year-over-year, the company said.
Profit from recurring operations rose 6 percent. All divisions except selective distribution, the business group that includes the Sephora chain, recorded increased profits.
Operating margin was 18.7 percent.
In the fourth quarter, revenue was up 8 percent (9 percent organic growth).
LVMH said it is “cautiously confident” that it could continue to grow in 2017, though on its earnings call chairman and CEO Bernard Arnault sounded a warning bell about possible trouble ahead in the luxury sector.
He noted that the luxury sector is due for another downturn.
Arnault also cited rising interest rates and the unknown economic impact of certain political situations worldwide--including U.S. President Donald J. Trump’s plan to raise border taxes on imports and Brexit in Europe--as factors that could impact consumer sentiment as the year continues.
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