The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
Watch, jewelry sales pick up in Q3 for LVMH
LVMH reported Tuesday that its watch and jewelry segment recorded organic revenue growth of 5 percent in the first nine months of the year, though it noted the retailers to whom it sells TAG Heuer and Hublot watches remain cautious in their buying.
Paris--LVMH reported Tuesday that its watch and jewelry segment recorded organic revenue growth of 5 percent in the first nine months of the year, though it noted the retailers to whom it sells TAG Heuer and Hublot watches remain cautious in their buying.
Sales in the group’s watches and jewelry segment increased from $2.46 billion to $2.51 billion, a 5 percent increase in organic revenue growth and 2 percent when accounting for currency fluctuations. LVMH Moët Hennessy Louis Vuitton owns Bulgari along with TAG Heuer, Zenith, Hublot and Dior Watches and operates the De Beers Diamond Jewellers chain in a joint venture with De Beers.
Sales grew from $774.7 million in the first quarter to $841.1 million in the second quarter before jumping to $904.7 million in the third.
“The third quarter showed a notable acceleration in the jewelry segment, driven notably by Bulgari, while watches continued to be impacted by the cautious purchasing behavior of multi-brand retailers in an uncertain economic environment,” LVMH said.
Key highlights of the quarter included the launch of the new Bulgari women’s watch, the Lvcea, and the success of iconic lines from Hublot.
Total sales for the Paris-based luxury conglomerate increased 4 percent year-over-year to reach $27.29 billion, with sales growth in the U.S. and Europe balancing out the slowdown in Asia.
“In an uncertain economic and financial environment, LVMH will continue its strategy focused on innovation and targeted geographic expansion in the most promising markets,” the company said. “LVMH will rely on the power of its brands and the talent of its teams to further extend its global leadership in the luxury market in 2014.”
The Latest
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.