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LVMH Growth Highlights High-End Resilience

Jan 29, 2017 3:57 AM   By Rapaport News
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LVMH Moët Hennessy Louis Vuitton reported jewelry and watch sales jumped in the fourth quarter, indicating luxury consumers shrugged off global economic uncertainty this holiday season.

Revenue advanced 9 percent to $1.05 billion (EUR 982 million) in the three months that ended December 31, the Paris-based luxury retailer said. Group sales, which includes jewelry, wines, fashion and cosmetics, rose by the same percentage to $12.06 billion.

Jewelry and watch sales grew 5 percent to $3.71 billion for the full year 2016. Revenue from exclusive jewelry brand Bulgari outpaced the market, with progress in China, South Korea and the Middle East, the company explained. Group sales also increased 5 percent to $40.22 billion.

“LVMH achieved an excellent performance in 2016 within a context of geopolitical and economic instability,” said Bernard Arnault, chairman and chief executive officer of LVMH. Terrorism fears in Europe, the impact of the U.K.’s Brexit vote, a long and bitter U.S. presidential election campaign as well as weakness in Far East consumer sentiment fueled caution in the retail sector last year.

LVMH’s jewelry and watch brands contributed about 9 percent of group revenue, the same proportion the division did in 2015. Bulgari, Chaumet, Tag Heuer, Hublot and De Beers Diamond Jewellers all fall under the LVMH umbrella.

The company’s result is broadly in line with that of Richemont, another European luxury group, which earlier reported jewelry sales climbed 9 percent and group revenue added 6 percent in the October-to-December period.
Tags: as De Beers Diamond Jewellers, Bernard Arnault, Bulgari, De Beers, Europe, holiday sales, luxury, LVMH, LVMH Moët Hennessy Louis Vuitton, Rapaport News, retail, Richemont
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