LVMH Moët Hennessy Louis Vuitton reported an impressive first half of 2023, with remarkable revenue growth in the jewellery sector. The company’s total revenue reached an astounding €42.2 billion, marking a significant 15% increase compared to the same period in 2022. Notably, organic revenue growth outpaced expectations, soaring by 17% year-on-year.
The Watches & Jewellery business group achieved revenue growth of 11% to €5.42 billion in the first half of 2023. Profit from recurring operations was up 10% to €1.08 billion. LVMH said, “In jewellery, Tiffany enjoyed excellent momentum with the exceptional success of the reopening of the “Landmark” in New York; The Landmark has once again become an emblematic venue for New York life. The new Lock collection continued to be rolled out worldwide and the first High Jewelry collection by Artistic Director Nathalie Verdeille was unveiled.
“Bulgari, which experienced strong growth, celebrated the 75th anniversary of its iconic Serpenti collection. Its high jewellery, with notably the launch of the Mediterranea collection, saw outstanding performance. Chaumet and Fred experienced strong growth over the first half.”
Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH achieved outstanding results during a six-month period of ongoing economic and geopolitical uncertainty. The strong creative momentum and excellent distribution of our Maisons continued to inspire dreams, as demonstrated by the enthusiastic reception given to Pharrell Williams’ first fashion show for Louis Vuitton as well as the reopening of the New York “Landmark” of Tiffany & Co.
“Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023.”