The French luxury conglomerate LVMH reported revenue for the first quarter of 2024. Sales of watch and jewellery division dropped by 5 percent year on year to EUR 2.47 billion (around $2.62 billion) during the three months that ended 31 March 2024.
According to LVMH, during the period, Tiffany launched its first exhibition, in addition to a new global campaign showcasing its icons that proved extremely successful. Meanwhile, Bulgari relaunched its B.zero1 collection and opened a foundation dedicated to preserving cultural and craft heritage, while Chaumet unveiled medals for the Paris 2024 Olympic and Paralympic games.
Watchmaking maisons from the group saw strong creative momentum, said LVMH. TAG Heuer, Hublot and Zenith introduced a wide range of products at LVMH’s fifth Watch Week.
LVMH said that geopolitical and economic uncertainties were to blame for a slowdown that saw revenue across all sectors fell by 2 percent to EUR 20.69 billion (around $22.03 billion) year on year during the quarter. Revenue from the watch and jewellery division accounted for 12 percent of the group’s total revenue for Q1.
The group said sales in the United States, Europe and Japan were strong. Revenues in the US and Europe grew 2 percent, while sales in Japan increased 32 percent, buoyed by the weak yen and an increase in Chinese tourist shopping. However, sales in Asia excluding Japan declined 6 percent in Q1.
The group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability, and their distribution, said LVMH.
24-04-2024
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