LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury products group, reported a 5% decline in its jewellery division’s revenue for the first half of 2024. Despite facing a tough economic environment, the group’s overall performance remained relatively stable.
Jewellery Division Performance
The Watches & Jewellery division, which includes brands like Bulgari, Tiffany & Co., Chaumet, and Fred, generated €5.15 billion in H1 revenue. This represents a 5% drop and accounts for over 12% of LVMH’s total revenue of €41.6 billion. The group’s overall revenue decreased by 1% compared to the previous year, with a 2% organic growth.
Profit Decline
The profit from recurring operations in the Watches & Jewellery sector fell by 19% to €877 million, largely due to exchange rate fluctuations.
CEO’s Remarks
Bernard Arnault, Chairman and CEO of LVMH, said, “The results for the first half of the year reflect LVMH’s remarkable resilience, backed by the strength of its maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty. Driven as ever by our dual focus on desirability and responsibility, we have continued to work towards achieving the targets set out in our environmental and social action programs.”
Brand Highlights
Tiffany & Co. continued to promote its iconic lines with a new campaign that was well received. The new Tiffany Titan collection by Pharrell Williams generated significant interest. The 2024 Blue Book high jewellery line, Céleste, unveiled in Beverly Hills in May, drew inspiration from Jean Schlumberger’s imagination.
Bulgari celebrated its 140th anniversary with the ‘Eternally Reborn’ campaign and introduced the new Aeterna high jewellery collection in Rome, achieving record-breaking revenue. Chaumet revealed the medals for the Paris 2024 Olympic and Paralympic Games, created by its design studio.