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Asia and Europe Boost LVMH Jewelry Sales

Strong Bulgari performance drives 14% revenue growth in first half.
Jul 27, 2017 4:11 AM   By Rapaport News
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RAPAPORT...
Revenue from jewelry and watches at LVMH Moët Hennessy Louis Vuitton jumped 14% in the first half, supported by growth in the Bulgari brand and resurgent demand in Asia and Europe.

Sales for the division grew to $2.16 billion (EUR 1.84 billion), the Paris-based luxury group reported Wednesday. Revenue increased 13% year on year on an “organic” basis, assuming comparable structure and exchange rates.

LVMH, which owns upscale jewelers Bulgari and Chaumet, as well as watchmakers TAG Heuer and Hublot, said all brands in the division saw “very strong” performances, with notable showings from China and Europe. This improvement came after the French market weakened last year due to terrorism fears and a resultant drop in tourist levels.

Bulgari’s performance also gained from strong sales of jewelry lines Serpenti and B Zero 1, and from the successful launch of Festa, a new high-end jewelry collection. Revenue at TAG Heuer grew despite a “challenging” watch market, the company added.

Profit from recurring operations increased 14% to $274.7 million in jewelry and watches. LVMH’s group revenue across all products climbed 15% to $23.14 billion, boosted by a rebound in France and Asia. Profit leapt 23% to $4.27 billion.

“LVMH has enjoyed an excellent first half, to which all our businesses contributed,” said LVMH chairman and CEO Bernard Arnault. “In an environment that remains uncertain, we approach the second half of the year with caution.”
Tags: asia, B Zero 1, Bernard Arnault, Bulgari, Chaumet, China, Europe, Festa, France, Jewelry, luxury, LVMH, LVMH Moët Hennessy Louis Vuitton, paris, Rapaport News, retail, Serpenti, Tag Heuer
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