Jewelry Sales Slip at LVMH
LVMH saw sales of jewelry and watches fall in the third quarter amid a strained economic environment.
Revenue from the category decreased 5% year on year to EUR 2.52 billion ($2.68 billion) in the three months ending September 30, LVMH reported Tuesday.
However, for the first nine months of the year, sales of jewelry and watches grew 5% to EUR 7.95 billion ($8.43 billion) with the launch of Tiffany & Co.’s renovated flagship New York store and a strong performance at Bulgari.
The reopening of The Landmark proved “successful,” as did the introduction of two new Tiffany stores in Tokyo. LVMH attributed Bulgari’s solid growth to the 75th anniversary of its iconic Serpenti collection and the resulting dedicated exhibition in Dubai. Meanwhile, Chaumet and Fred, which unveiled its first blue lab-grown collection, both showed “strong growth,” LVMH noted.
Group revenue for the third quarter increased 1% to EUR 19.96 billion ($21.18 billion) and was up 10% to EUR 62.21 billion ($66 billion) for the nine months to September 30.
Main image: Bulgari jewelry on display in a store. (Shutterstock)