French luxury conglomerate LVMH announced its revenue for the first half of 2023 on 25 July 2023. Revenue from jewellery and watches rise 11 percent in the first half of 2023, driven by the reopening of Tiffany flagship store in New York.
Sales for the jewellery and watches category grew to €5.43 billion (around $6 billion) in the six months ending June 30, according to LVMH. Profit for the division climbed 10 percent to €1.09 billion (around $1.21 billion). The group commented the performance of the category as “strong growth in jewellery, sustained innovation in watchmaking”.
Impressive growth in high jewellery, and strong creative momentum among all watches and jewellery Maisons, in particular, Tiffany, Bulgari, and TAG Heuer.
LVMH said, Tiffany enjoyed excellent momentum with the exceptional success of the reopening of the “Landmark” in New York; The Landmark has once again become an emblematic venue for New York life. The new Lock collection continued to be rolled out worldwide and the first high jewellery collection by artistic director Nathalie Verdeille was unveiled. Bulgari, which experienced strong growth, celebrated the 75th anniversary of its iconic Serpenti collection. Its high jewellery, with notably the launch of the Mediterranea collection, saw outstanding performance. Other jewellery brands like Chaumet and Fred experienced strong growth over the first half. TAG Heuer celebrated 60 years of its Carrera collection. The LVMH watchmaking Maisons TAG Heuer, Hublot and Zenith unveiled many new products during LVMH Watch Week and the Watches & Wonders trade show.
The group’s recorded revenue shown 15 percent increase to €42.2 billion (around $46.5 billion) in the first half of 2023. Organic revenue growth was 17 percent compared to the same period in 2022. All business groups achieved double-digit organic revenue growth over the half year, except for Wines and Spirits, which faced a particularly high basis of comparison.
Profit from recurring operations for the first half of 2023 was up 13 percent at €11,574 million (around $12,765 million). Operating margin reached 27.4 percent of revenue. Group share of net profit was up 30 percent at €8,481 million (around $9,354 million).
Bernard Arnault, chairman and CEO of LVMH, said: “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. The strong creative momentum and excellent distribution of our Maisons continued to inspire dreams, as demonstrated by the enthusiastic reception given to Pharrell Williams’ first fashion show for Louis Vuitton as well as the reopening of the New York “Landmark” of Tiffany & Co. We continued to see progress relating to our environmental, social and societal commitments, most notably in the recent announcement of an ambitious water sobriety plan intended to reduce our overall water consumption footprint by 30% by 2030. Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023.”
31-07-2023
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