Rising jewelry sales and a rebound in the Asia-Pacific region were the main growth drivers for the company as a whole.
Financials

In its recent third-quarter results, CEO Beth Gerstein also shared her holiday prediction for the upcoming season.
Sales increased 5 percent after a down quarter as the brand saw in-store traffic pick up.
Latest in Financials

The company said it is facing a “challenging retail environment” but is prepared for the holiday season.

Sales of pre-owned watches, however, grew 80 percent following the company’s rollout of the Rolex Certified Pre-Owned program.

However, the company’s jewelry brands seemed to hold their own.

Without the ability to instill confidence within the industry and directly to the consumer, a diamond holds very little value.

The luxury titan pointed to softening luxury sales, especially in the U.S. and Europe.


Macroeconomic pressures like inflation and a decline in the number of people popping the question took a toll on the jeweler.

The company noted a “challenging environment for consumer discretionary products.”

Without the ability to instill confidence within the industry and directly to the consumer, a diamond holds very little value.

Mother’s Day and “The Little Mermaid” helped make a difference, though the company’s U.S. sales are still lagging behind last year.

The retailer described early results as “encouraging” and said it will introduce the program in the U.K. in September.

The retailer reported a record-breaking number of orders for the quarter amid strong Mother’s Day sales but average order value declined.

The luxury titan also announced it acquired a 30 percent stake in Italian luxury brand Valentino and named a new CFO.

Despite its strong results, the luxury titan remained cautious about the rest of the year due to economic and geopolitical uncertainty.

The owner of Cartier and Van Cleef & Arpels also said online-only retailers are facing a “globally challenging environment.”

The jewelry giant noted lower-than-expected Mother’s Day sales and increasing macroeconomic pressures.

The company has plans to revamp the Movado brand and offer less expensive watches this year.

CEO Brian Duffy also detailed a new joint venture partnership with Audemars Piguet.

The company reported record sales, driven by desire for classic lines like Cartier “Panthère” and “Alhambra” from Van Cleef & Arpels.

CEO Beth Gerstein also spoke about the retailer's store count, its resonance with Gen Z shoppers, and more on the company’s Q1 earnings call.

Pandora’s like-for-like sales were flat globally while they fell 7 percent in the United States.

Boucheron had a “remarkable” first quarter while Pomellato posted solid growth.

Alongside its first-quarter results, LVMH announced it has scooped up a prominent French jewelry manufacturer primarily for Tiffany & Co.

The watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.

The jewelry giant’s full-year sales were essentially flat, brought down by fourth-quarter declines.

In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.

The luxury titan’s revenue was up 15 percent year-over-year, though sales slipped in the fourth quarter.

Demand for luxury watches continues to exceed supply, spelling a strong quarter for the company.
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