Financials

LVMH’s Watch, Jewelry Sales Down 38% So Far This Year

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.”

20200724_TAG-Connecte.jpg
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.

 

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

De Beers marine mining vessel the SS Nujoma
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

Weekly QuizJul 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

Cover of the book “Flawless: Inside the Largest Diamond Heist in History”
SourcingJul 22, 2025
Antwerp Diamond Heist Documentary Coming to Netflix

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the Holidays

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

Jeweler setting a diamond into a ring
MajorsJul 21, 2025
Rio Grande Expands Personalization Offerings

As demand for custom jewelry grows, the company is expanding its services to support retailers.

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy