MajorsApr 08, 2022
Tiffany Runs With April Fool’s Joke, AgainFinancialsApr 14, 2022
LVMH’s Q1 Jewelry, Watch Sales Up 24%
New addition Tiffany & Co. had an excellent start to the year, the luxury titan said.
Tiffany & Co., an LVMH-owned brand, put on a strong performance in the luxury conglomerate’s first quarter.
Paris—LVMH started off its fiscal year on a high note, reporting strong double-digit revenue growth in its first quarter.
Here are five important takeaways from the luxury titan’s most recent earnings report.
It’s a strong start to the year for LVMH.
LVMH put on a strong performance in the first quarter, reporting revenue growth of 29 percent year-over-year to €18 billion ($19.6 billion).
That double-digit growth carried across every business category, except its wine and spirits division due to supply constraints.
LVMH did not share financial guidance for the year ahead but said it remains “both vigilant and confident” in light of the pandemic and geopolitical crises.
“LVMH relies on the talent and motivation of its teams, the diversity of its businesses, and the geographical balance of its revenues to further strengthen its global leadership position in luxury goods in 2022,” said the company.
Jewelry and watch sales hold strong post-Tiffany acquisition.
Revenue in the watches and jewelry segment climbed 24 percent year-over-year to €2.34 billion ($2.55 billion).
Its jewelry brand portfolio includes Bulgari, Chaumet, Repossi, and Fred, as well as the recently acquired Tiffany & Co.
The category has received a strong boost in recent quarters following LVMH’s acquisition of Tiffany, which closed in January 2021.
The storied brand had an “excellent start to the year,” said LVMH, and posted especially strong growth in the United States.
Its “Knot” collection, which features a knot design on bangles, earrings, rings, pendants, and a choker, saw particular success.
Bulgari’s growth was driven by its high jewelry and watch collections, as well as its Serpenti line, said LVMH.
Additionally, Chaumet and Fred put on an “excellent performance.”
Chaumet’s “Joséphine” and “Liens” lines did well while Fred opened a new flagship in Singapore.
Here are five important takeaways from the luxury titan’s most recent earnings report.
It’s a strong start to the year for LVMH.
LVMH put on a strong performance in the first quarter, reporting revenue growth of 29 percent year-over-year to €18 billion ($19.6 billion).
That double-digit growth carried across every business category, except its wine and spirits division due to supply constraints.
LVMH did not share financial guidance for the year ahead but said it remains “both vigilant and confident” in light of the pandemic and geopolitical crises.
“LVMH relies on the talent and motivation of its teams, the diversity of its businesses, and the geographical balance of its revenues to further strengthen its global leadership position in luxury goods in 2022,” said the company.
Jewelry and watch sales hold strong post-Tiffany acquisition.
Revenue in the watches and jewelry segment climbed 24 percent year-over-year to €2.34 billion ($2.55 billion).
Its jewelry brand portfolio includes Bulgari, Chaumet, Repossi, and Fred, as well as the recently acquired Tiffany & Co.
The category has received a strong boost in recent quarters following LVMH’s acquisition of Tiffany, which closed in January 2021.
The storied brand had an “excellent start to the year,” said LVMH, and posted especially strong growth in the United States.
Its “Knot” collection, which features a knot design on bangles, earrings, rings, pendants, and a choker, saw particular success.
Bulgari’s growth was driven by its high jewelry and watch collections, as well as its Serpenti line, said LVMH.
Additionally, Chaumet and Fred put on an “excellent performance.”
Chaumet’s “Joséphine” and “Liens” lines did well while Fred opened a new flagship in Singapore.
The Tiffany & Co. brand is strong.
Tiffany is a top brand among LVMH’s jewelry houses, receiving special attention, as did Bulgari, in its earnings presentation.
The “Knot” collection was a strong performer, alongside Tiffany’s high jewelry offerings.
Its relaunch of designs by famed jeweler Jean Schlumberger also did well.
The company launched a new campaign for its HardWear line, featuring K-pop superstar Rosé.
Its celebrity ambassadors include Anya Taylor-Joy, Tracee Ellis Ross, and Eileen Gu.
Recently, the jeweler jokingly announced it would be getting into the cryptocurrency game, launching TiffCoin as an April Fool’s joke.
It later released 499 physical 18-karat gold Tiffcoins, priced at $9,999, individually numbered and engraved with a Tiffany “T.”
The brand joined Signet Jewelers and Brilliant Earth in refusing to purchase Russian diamonds in light of the Russian invasion of Ukraine.
There’s a lot of newness from its watch brands.
LVMH’s watch brand portfolio includes TAG Heuer, Hublot, and Zenith.
Its watch brands “continued to see strong momentum,” said LVMH, and unveiled several new timepieces at the recent Watches & Wonders show in Geneva.
TAG Heuer introduced five new watches at the trade show, including its first solar-powered watch.
The brand also debuted the Carrera Plasma, which features lab-grown diamonds, including an entirely diamond crown at 3 o’clock.
Hublot launched The Big Bang Unico Ledger in partnership with cryptocurrency company Ledger, and Zenith introduced the new Chronomaster Open and Chronomaster Sport models.
Bulgari also recently released the new Octo Finissimo Ultra watch.
The U.S. region posted double-digit growth.
The United States is LVMH’s second-largest market in terms of revenue, just behind Asia.
The U.S. accounted for 24 percent of revenue, up from 23 percent in the previous first quarter.
U.S. organic revenue was up 26 percent, compared with 23 percent growth last year.
Japan and Europe also posted double-digit organic revenue growth.
Asia, excluding Japan, reported revenue growth of 8 percent, a significant difference compared with 86 percent growth in the previous first quarter.
“Asia continued to grow over the quarter despite the impact of a tightening of health restrictions in China in March,” said LVMH.
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
