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FinancialsJul 25, 2019
Bulgari, Hublot Sales Strong for LVMH
The luxury titan’s watches and jewelry segment took in $2.39 billion in revenue in the first half of the year, a 4 percent year-over-year increase.
A Bulgari Serpenti bracelet watch, featuring polychrome enamel and emeralds, created in 1967 and displayed at its 2016 “SerpentiForm” exhibit. The brand’s Serpenti collection performed especially well in LVMH’s first half of the year.
Paris—LVMH reported double-digit revenue growth in its first-half results, boosted in part by a strong performance from its watches and jewelry division.
Revenue in the first half of the year totaled €25.08 billion ($27.95 billion), a 12 percent organic increase compared to the previous half-year.
Revenue for the second-quarter also increased by 12 percent year-over-year to €12.54 billion ($13.98 billion).
By region, the company reported strong growth in the United States, Asia and Europe, noting a rebound in France in the second quarter. Previously, economic protests weighed on sales in the region.
LMVH’s watches and jewelry segment raked in €2.14 billion ($2.39 billion) in revenue, a 4 percent increase year-over-year.
The company reported “rapid progress in jewelry, especially in directly operated stores” and noted that Asia and Japan were the “most buoyant” regions for the segment.
Bulgari was the star of the show in the jewelry division with iconic lines such as Serpenti and B.Zero1 performing particularly well, continuing the trend of previous quarters.
The brand recently celebrated the 20th anniversary of its B.Zero1 line with an exhibition in Milan, introducing new versions of its rings and bracelets as part of a special series.
Chaumet’s “Bee My Love” collection was another standout, as well as its Liens and Joséphine lines.
In watches, Hublot saw solid growth driven by its Classic Fusion and Big Bang lines, LVMH said.
TAG Heuer continued its “repositioning,” focusing on its flagship lines and celebrating the 50th anniversary of its Monaco model with the launch of limited-edition watches.
The company has plans to increase the presence of its Zenith and Fred brands in China.
LVMH expects the segment to maintain its target of market share gains for the full year. Marketing investments will be “robust” with an emphasis on digital communications.
Outside of watches and jewelry, the luxury conglomerate reported growth across all divisions, which include wines and spirits, perfume and cosmetics, and selective retailing.
Its fashion and leather goods division saw the strongest growth, jumping 18 percent to €10.43 billion ($11.62 billion).
The Louis Vuitton and Christian Dior brands were top performers with brands like Loewe and Fendi also performing well.
The segment recently launched Fenty, a new fashion house created by singer Rihanna, whose Fenty Beauty line is also under LVMH’s umbrella in its perfumes and cosmetics section.
Looking to the year ahead, CEO Bernard Arnault said: “Despite buoyant demand, we will continue to manage costs and remain vigilant into the second half of the year.”
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