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LVMH Up 13% Last Year, Bolstered by Bulgari
The Italian brand was the star of LVMH’s watches and jewelry division, while Hublot and TAG Heuer made progress.
Bulgari was the top-performing watch and jewelry brand for LVMH in 2017. Pictured here on the left is the brand’s new production facility and, on the right, the restored Cascina dell’Orefice, a historical building Bulgari uses for office and conference space.
New York--In its recently released year-end report, luxury conglomerate Moët Hennessy Louis Vuitton (LVMH) reported a 13 percent year-over-year increase in revenue across all divisions.
Total revenue was 42.6 billion euros, or approximately $52.59 billion per current exchange rates.
LVMH said organic revenue grew 12 percent and each of its divisions grew organically by double digits, with the exception of wines and spirits. Profits increased 18 percent, while operating margin hit 19.5 percent.
In the company’s watches and jewelry division, the strongest-performing brand was Bulgari, which grew considerably across Asia, Europe and the United States.
LVMH attributed the brand’s popularity to iconic lines like Serpenti, B.Zero1, Diva and Octo.
Overall, watches and jewelry saw organic revenue growth of 12 percent, while revenue growth on a reported basis was 10 percent. Profit from recurring operations grew 12 percent.
Chaumet grew due to the success of its Liens and Josephine collections.
In watches, both Hublot and TAG Heuer saw growth, with the latter launching a new generation of customizable smartwatches in the period.
Commenting on the company’s performance as a whole, Chairman and CEO Bernard Arnault said: “LVMH achieved another record year. The excellent performance, to which all our businesses contributed, is due in part to the buoyant environment but, above all, to the remarkable creative strength of our brands and their ability to constantly reinvent themselves … In an environment that remains uncertain, we can count on the appeal of our brands and the agility of our teams to strengthen, once again in 2018, our leadership in the universe of high-quality products.”
LVMH said it is viewing fiscal year 2018 with “cautious confidence.”
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