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FinancialsOct 10, 2019
Bulgari Boosts LVMH’s Q3 Watch, Jewelry Sales
The luxury conglomerate reported $1.24 billion in revenue for the category, a 5 percent organic increase year-over-year.
A Bulgari Serpenti gold bracelet watch from the 1970s, featuring coral, emeralds and diamonds. LVMH said the brand gave an “excellent performance” in the third quarter.
Paris—LVMH reported double-digit revenue growth in its third-quarter results, buoyed by a strong performance across all segments from watches and jewelry to wines and spirits.
Third-quarter revenue totaled €13.32 billion ($14.62 billion), an 11 percent organic increase compared with the previous third quarter.
The luxury conglomerate said it made “good progress” in the U.S. and Europe as well as in Asia, despite the “difficult context” in Hong Kong as protests continue.
LMVH’s watches and jewelry segment brought in €1.13 billion ($1.24 billion) in revenue, a 5 percent organic increase year-over-year.
The company said the jewelry category led the charge in the segment, with Bulgari giving an “excellent performance,” particularly in its own stores. The brand’s Serpenti, B.Zero1, Diva and Fiorever jewelry as well as its new Serpenti Seduttori watch collection were top performers.
Chaumet presented its exhibition “Chaumet in Majesty. Jewels of Sovereigns since 1780” in Monaco this summer, following its presentation in Beijing in 2017 and Tokyo in 2018.
Meanwhile, in the watch segment, Hublot made “solid progress,” LVMH said, adding new models to its product lineup via collaborations, including partnerships with Ferrari and Juventus Football Club.
The brand saw “solid growth,” driven by its Classic Fusion, Big Bang, and Spirt of Big Bang lines, particularly in its directly operated stores.
TAG Heuer continued to focus on its iconic lines, such as its Formula 1 and Carrera models.
The brand recently partnered with Porsche, becoming Title and Timing Partner of the Porsche Formula E Team.
Outside of watches and jewelry, LVMH reported growth across all divisions, which include fashion and leather goods, wines and spirits, perfume and cosmetics, and selective retailing.
Its fashion and leather goods division saw the strongest growth, with revenue climbing 22 percent organically to €15.87 billion ($17.42 billion).
Louis Vuitton and Christian Dior saw a “remarkable performance” in the third quarter, the luxury conglomerate said.
For the nine-month period, the company reported €38.40 billion ($42.14 billion) in overall revenue while its watches and jewelry division brought in €3.26 billion ($3.58 billion).
The Paris-based company did not provide details on its financial outlook for the year ahead but said it will continue to focus on innovation and expanding its presence in “promising” markets.
LVMH’s retail network includes 4,699 stores as of June 30.
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