Financials

LVMH’s Full-Year Jewelry, Watch Sales Sink 24%

FinancialsJan 27, 2021

LVMH’s Full-Year Jewelry, Watch Sales Sink 24%

The watch and jewelry category saw a strong rebound in China in the second half of the year but slipped double digits for the full fiscal year.

The “Cabochon Exuberance” necklace by LVMH-owned brand Bulgari. The luxury conglomerate saw watch and jewelry sales fall double digits in its full fiscal year.

Paris—LVMH posted a double digit drop in revenue in its full-year results as COVID-19 continues to take a toll on the French luxury titan.

For the full year, company revenue totaled €44.65 billion ($54.27 billion), down 17 percent on a comparable basis.

Fourth-quarter revenue totaled €14.3 billion ($17.38 billion), a 3 percent decrease compared with the previous year.

“LVMH showed remarkable resilience against the unprecedented health crisis the world experienced in 2020,” said CEO Bernard Arnault in a press release announcing the results.

“Our maisons have shown great agility and creative energy in continuing to bring to life our customers’ dreams through a unique digital experience thereby further strengthening their desirability.”

For the full year, revenue in the watches and jewelry segment was down 24 percent to €3.36 billion ($4.08 billion). Revenue was down 2 percent to €1.09 billion ($1.32 billion) in the fourth quarter.

The watch and jewelry category saw a strong rebound in China in the second half of the year, said LVMH.

Bulgari performed particularly well in the region. The brand launched its Serpenti Viper, B.Zero1 Rock and Barocko collections this fiscal year. 

Chaumet, which also did well in China, opened its revamped store on Place Vendôme in Paris.

The company’s acquisition of iconic American jeweler Tiffany & Co. closed earlier this month.

In the watches segment, TAG Heuer celebrated its 160th anniversary, launching several limited-edition watches in the Carrera collection as well as its third-generation smartwatch.

TAG Heuer named tennis champion Naomi Osaka as its new brand ambassador.

Hublot launched the Big Bang Integral and Spirit of Big Bang Meca-10 and was named the 

official timekeeper of the Premier League for the 2020-2021 season.

Fred expanded in China, bolstering its digital presence. The watch brand developed the Force 10 line and launched Chance Infinie.

Looking ahead, LVMH did not provide financial guidance for the next fiscal year, but said it is “well-equipped to build upon the hoped-for recovery in 2021 and regain growth momentum for all its businesses.”

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

WatchesApr 22, 2021
Check Out All Patek Philippe’s 2021 Newness

The watchmaker showed what’s new in Nautilus, revamped Calatrava models, and a brand-new perpetual calendar.

Policies & IssuesApr 22, 2021
US Government Sanctions Burmese State-Owned Pearl Co.

Myanmar Pearl Enterprise handles oyster fishing and breeding, as well as the culturing, harvesting, and selling of pearls.

MajorsApr 22, 2021
Tiffany Signs K-Pop Star Rosé as New Ambassador

Blackpink member Rosé will be the face of the 2021 Tiffany HardWear campaign.

Brought to you by
A New Golden Age

Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.

Events & AwardsApr 22, 2021
BIJC, Ben Bridge Introduce a New Scholarship

Named for the late Lonia Tate, the scholarship is for the Graduate Gemology program at GIA, with an internship at the jeweler to follow.

Weekly QuizApr 16, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of April 12-16, 2021.
Take the Quiz
Events & AwardsApr 22, 2021
IEG Pushes Oroarezzo Italian Jewelry Trade Show to 2022

It was originally slated for June 12-15 at the Expo Centre in Arezzo, Italy.

SourcingApr 21, 2021
Why Inclusivity Is Important in Diamond Traceability

As the importance of mine-to-market grows, some worry about its feasibility for all the diamond industry’s players.

Brought to you by
4 Reasons You Need This Program for Mother’s Day

Learn how to increase customer loyalty and revenue by making JM™ Care Plan a cornerstone of your business plan.

CollectionsApr 21, 2021
Alrosa’s ‘Luminous’ Collection Leans Into Fluorescence

The diamond miner and seller is marketing the stones for their glow.

×