CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
FinancialsJul 28, 2020
LVMH’s Watch, Jewelry Sales Down 38% So Far This Year
Declining orders from retailers have hit TAG Heuer and Hublot hard, though TAG’s new smartwatch has “been a great success.”
The newest version of the Connected smartwatch from LVMH-owned watch brand TAG Heuer. The luxury giant saw jewelry and watch sales fall 38 percent in the first half of the year, with overall sales down 27 percent.
Paris—To paraphrase Dennis Green, the numbers are what we thought they would be.
On Monday, LVMH Moët Hennessy Louis Vuitton, the luxury behemoth that owns brands like Bulgari and TAG Heuer, reported a 38 percent year-over-year decline (39 percent with comparable structure and exchange rates) in sales for its Watches & Jewelry division in the first half of 2020.
Sales totaled €1.32 billion ($1.55 billion), down from €2.14 billion ($2.51 billion) in the same period last year.
Like so many companies, LVMH was forced to shutter its stores and manufacturing facilities for several months due to the worldwide spread of COVID-19.
The company said Monday that in Q2, Bulgari experienced a rebound in the Chinese market as stores there reopened for business.
The iconic Italian brand introduced B.Zero1 Rock collection in February and a new high jewelry collection, this one called Barocko, in June using augmented reality.
Watch brands TAG Heuer and Hublot, meanwhile, felt the impact of the pandemic on third-party retailers, with orders declining.
The new TAG Heuer smartwatch, however, launched at an event in New York right before COVID-19 forced the city to shut down, has “been a great success,” LVMH said.
RELATED CONTENT: Richemont’s Jewelry Sales Sink 41% in Q1
Total sales for LVMH, which also owns Louis Vuitton, Christian Dior and champagne brand Moët, declined 27 percent (28 percent with comparable structure and exchange rates) year-over-year to €18.39 billion ($21.61 billion).
Profit from recurring operations sunk 68 percent to €1.67 billion ($1.96 billion). The company said its most profitable brands were Louis Vuitton, Christian Dior and Moët Hennessy’s stable of wines and liquors.
In a news release announcing first-half results, LVMH Chairman and CEO Bernard Arnault noted the company has seen “an upturn in activity” since June, though the start of the recovery has been uneven.
LVMH’s Q2 revenue fell 38 percent, with a strong rebound in China but sales “notably down” in Europe and the United States, which is battling widespread outbreaks in multiple states and leads the world in both the number of reported COVID-19 cases and deaths.
“We remain very vigilant for the rest of the year,” Arnault remarked. “We continue to be driven by a long-term vision, a deep sense of responsibility and a strong commitment to environmental protection, inclusion and solidarity.
“Thanks to the strength of our brands and the responsiveness of our organization, we are
confident that LVMH is in an excellent position to take advantage of the recovery, which we hope will be confirmed in the second half of the year.”
LVMH did not provide financial guidance for the rest of the fiscal year, stating only that it will focus on controlling costs and “being selective in its investments.”
“The impact of the epidemic on revenue and annual results cannot be precisely assessed at this stage without knowing the timetable for the return to normal business in the different areas where the group operates,” it said.
Regarding its planned acquisition of Tiffany & Co., LVMH provided a one-line update, noting that the closing date will depend on it receiving final regulatory approvals.
Questions about whether the $16 billion deal will go through arose earlier this summer due to the impact COVID-19 has had on retail and the ongoing civil unrest in the U.S.
More on Financials
The Latest
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
SourcingNov 18, 2025
Another Diamond Company CEO Steps DownMark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
