Events & AwardsOct 29, 2025
October Brings Little Change to Consumer Confidence Consumers are feeling more optimistic about their present situation while the short-term future remains a little scary.
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
Events & AwardsOct 29, 2025
Couture Partners With Time to WatchesThe company, which organizes a watch show in Geneva every spring, will bring a selection of watch brands to the 2026 Couture show in Vegas.
TrendsOct 29, 2025
Beth Bernstein Releases Vintage Jewelry Guide“The Modern Guide to Vintage Jewellery” follows the evolution of jewelry design from the ‘30s to the ‘80s with buying and styling advice.
EditorsOct 29, 2025
Why Creepy, Crawly Bugs Inspire Beautiful JewelryFor her annual Halloween story, Senior Editor Lenore Fedow explores the symbolism behind spiders, beetles, and other eerie insects.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsOct 28, 2025
Meet the 2026 Gem Award NomineesNotable jewelry designers, members of the press, and retailers are up for an award at next year’s gala.
Recorded WebinarsOct 28, 2025
Watch: The State of the Jewelry Industry Leaders from Jewelers of America and National Jeweler discuss the gold price, tariffs, and more in this one-hour webinar.
Brought to you by
DESERT DIAMONDS: The Newest Trend in Natural Diamond JewelryFrom sunlit whites to smoky whiskeys, introduce your clients to extraordinary diamonds in colors as unique as their love.
CollectionsOct 28, 2025
Eriness Reflects on Life in ‘One of One’ CollectionAfter experiencing motherhood, growth, and loss, founder and designer Erin Sachse has created 10 irreplaceable jewels.
AuctionsOct 27, 2025
Napoleon Left This Brooch Behind, And Now It’s Up For AuctionIt is part of Sotheby’s “Royal & Noble Jewels” sale along with an ornate hair ornament and an old mine-cut light pink diamond ring.
CrimeOct 27, 2025
Arrests Made in Louvre Jewel Heist One of the individuals was apprehended at the airport as he was trying to flee the country.
MajorsOct 27, 2025
Target to Cut 1,800 Corporate JobsThe retailer, which has faced struggling sales in recent quarters, is looking to streamline its operations.
Events & AwardsOct 27, 2025
Hill Management Group Hired to Help Atlanta Jewelry ShowHill Management Group will oversee, market, and produce next year’s spring show.
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives ReplacedLondon-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument DemoThe workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ EarringsFounder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch HistoryThe book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & WatchesAlexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds EditionThe superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the HolidaysRetailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva AuctionThe nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.
SourcingOct 22, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New PerchChief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume ChallengeFive dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New OwnerRecently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.
