Financials

LVMH Sees Jewelry, Watch Sales Double in Q1

FinancialsApr 14, 2021

LVMH Sees Jewelry, Watch Sales Double in Q1

This is the first fiscal quarter that includes the recently acquired Tiffany & Co.

The new Octo Finissimo Perpetual Calendar timepiece by LVMH-owned brand Bulgari. The luxury titan’s watch and jewelry category performed especially well in the first quarter.
Paris—LVMH started its fiscal year on a high note, posting a double-digit increase in first quarter revenue and more than doubling year-over-year sales in its watches and jewelry segment.

For the first quarter, company revenue totaled €13.96 billion ($16.67 billion), up 32 percent on a comparable basis.

The luxury titan saw double-digit growth in Asia and the United States, though Europe has been slower to recover.

Strong online sales offset the impact of continued store closures in Europe due to the COVID-19 pandemic.

 Related stories will be right here … 

All LVMH’s business groups, which include fashion and leather goods and perfume and cosmetics, contributed to organic revenue growth with the exception of its selective retailing segment. Its duty-free stores continue to suffer due to a decline in international travel.

“In a context that remains turbulent, LVMH is well-equipped to build upon the hoped-for recovery in 2021 and regain growth momentum for all its businesses,” said the company in a press release announcing the results.

First-quarter revenue in the watches and jewelry segment more than doubled, up 138 percent to €1.88 billion ($2.25 billion).

For the first time, LVMH’s quarterly results included the recently acquired Tiffany & Co., though the company did not make any specific statements about the retailer’s performance in its quarterly release.

In the jewelry category, the “Serpenti Viper” collection by Bulgari, the new “Joséphine” creations by Chaumet and the “Pretty Woman” collection by Fred were introduced.

As for the watch brands, TAG Heuer announced a collaboration with Porsche, launching the TAG Heuer Carrera Porsche Chronograph.

Hublot’s limited edition of its Classic Fusion Takashi Murakami All Black quickly sold out, said LVMH, while the new Zenith Chronomaster Sport with El Primero movement also was well-received.

Looking ahead, LVMH did not provide financial guidance for the next fiscal year.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

IndependentsMay 17, 2021
Take a Peek Inside the New Zadok Jewelers Store

The Houston jeweler recently opened a 28,000-square-foot, two-level store.

IndependentsMay 17, 2021
Bill Boyajian Has a New Book Coming Out

“Family Business Succession Planning” covers the dynamics of working in a multigenerational business and prepping for the next generation.

MajorsMay 17, 2021
Pandora’s Head of North America Steps Down

Sid Keswani has left the jewelry company to become president of lifestyle company Centric Brands.

Brought to you by
How to Engage and Sell to Millennials

Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.

TechnologyMay 17, 2021
JCK Launches Online B2B Jewelry Marketplace

“Jewelers Source by JCK” will help qualified buyers find new clients and conduct virtual meetings all year round.

Weekly QuizMay 14, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of May 10-14, 2021.
Take the Quiz
MajorsMay 17, 2021
Borsheims Promotes 3 on Sales Management Team

It shows the Nebraska jeweler’s new cross-department emphasis.

Policies & IssuesMay 14, 2021
Petra Reaches $6M Settlement Amid Claims of Human Rights Abuses

A report by a nonprofit documented an alleged seven deaths and 41 assaults on artisanal miners at the Williamson mine in Tanzania.

Brought to you by
A New Golden Age

Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.

AuctionsMay 14, 2021
Phillips’ New Selling Exhibition Celebrates Female Designers

It features pieces from the likes of Solange Azagury-Partridge, Suzanne Belperron, Marina B, and Silvia Furmanovich.

×