Record Tiffany Revenue Buoys LVMH
Sales of jewelry and watches at LVMH grew in 2022 as demand for Tiffany & Co.’s product increased.
Revenue from the segment climbed 18% to EUR 10.58 billion ($11.5 billion) as Tiffany’s sales reached “record” levels, LVMH said last week. The luxury retailer cited the “great success” of Tiffany’s new Lock bracelet collection and the doubling of its high-jewelry revenue. Bulgari, Chaumet and Fred also saw positive momentum during the year, primarily in Europe, Japan and the US, the company explained.
Organic sales for the jewelry and watch division — which assume a comparable structure and constant exchange rates — rose 12%. Last year marked essentially the second full year of revenue from Tiffany, which LVMH acquired on January 7, 2021. Profit for the period jumped 20% to EUR 2.02 billion ($2.19 billion).
In the fourth quarter, revenue from jewelry and watches grew 7% year on year to EUR 3.01 billion ($3.27 billion).
Group revenue for 2022 rose 23% to a record EUR 79.18 billion ($86.09 billion), with net profit increasing 23% to EUR 21.06 billion ($22.89 billion).
Image: A Tiffany store in Chicago, Illinois. (Shutterstock)