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LVMH Hails Smartwatch Success as 1Q Jewelry & Watch Revenue Rises

Apr 12, 2016 9:46 AM   By Rapaport News
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RAPAPORT... LVMH Moët Hennessy Louis Vuitton’s watches and jewelry sales jumped 7 percent in the first quarter driven by an “excellent” performance from Bulgari and the “immense success” of the company’s connected smartwatch.

With sales of $884.1 million (EUR 774 million), watches and jewelry was the luxury group’s joint fastest-growing business group by revenue in the three months to March 31, alongside perfumes and cosmetics.

Assuming a comparable structure and constant exchange rates, jewelry and watch sales also rose 7 percent in the three months to March 31, while perfumes and cosmetics revenue climbed 9 percent.

Bulgari’s strength was driven by the success of its “iconic jewelry collections and innovations,” while TAG Heuer had a “good” quarter as it focused on its core offering, LVMH said. A number of LVMH watch-brand innovations were “extremely well received” at the Baselworld 2016 show in Switzerland last month.

The group’s jewelry sales reflect an uptick at the top end of the market, with luxury rival Richemont reporting a 2-percent sales growth for its maisons – Cartier, Van Cleef & Arpels and Giampiero Bodino – in the last three months of 2015 and an 18-percent surge in its last full fiscal year that ended September 30.

LVMH’s total sales increased 4 percent to $9.85 billion in the first quarter, or a 3-percent advance within a comparable structure and at constant exchange rates.
Tags: Jewelry, luxury, LVMH, LVMH Moët Hennessy Louis Vuitton, Rapaport News, retail, watches
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