Tiffany Store Revamp Drives Jewelry Growth at LVMH
LVMH saw revenue from jewelry and watches rise 11% in the first half of 2023, buoyed by “excellent momentum” from the reopening of the Tiffany & Co. flagship store in New York.
Sales for the category grew to EUR 5.43 billion ($6 billion) in the six months ending June 30, LVMH reported Tuesday. Profit for the division climbed 10% to EUR 1.09 billion ($1.21 billion).
The debut of Tiffany’s revamped landmark store was an “exceptional success,” LVMH explained, adding that it had become an “emblematic venue for New York life.” Tiffany also benefited from the global rollout of its new Lock collection and the unveiling of the company’s first high-jewelry line by artistic director Nathalie Verdeille, the luxury conglomerate noted.
Bulgari was popular during the period, with the brand celebrating the 75th anniversary of its Serpenti collection. High jewelry enjoyed an “outstanding performance” amid the launch of the new Mediterranean collection, LVMH said. Chaumet and Fred also experienced “strong growth over the first half.”
Group revenue jumped 15% year on year to EUR 42.24 billion ($46.76 billion) for the first half. Net profit increased 13% to EUR 11.57 billion ($12.81 billion).
Image: The Tiffany flagship New York store. (Shutterstock)