LVMH Moët Hennessy Louis Vuitton said its jewellery and watch division – comprising Bulgari, Tiffany & Co., TAG Heuer, Chaumet, Zenith, Fred and Hublot – reported a 24% jump in revenue to €2.33 billion ($2.55 billion) in the first quarter of 2022. The division recorded organic revenue growth of 19%.
“In jewellery, Tiffany & Co. had an excellent start to the year, still driven by strong growth in the United States. The new Knot collection was particularly successful. At Bulgari, the Serpenti line, high jewellery and watch collections, including the new Octo Finissimo Ultra watch, were the main drivers of growth. Chaumet and Fred had an excellent performance in the quarter,” the company said.
LVMH said all its watch brands continued to see strong momentum and unveiled numerous new products at the Watches & Wonders Exhibition, with watch innovations from TAG Heuer, Hublot and Zenith. The group recorded total revenue of €18 billion in the first quarter of 2022, up 29% compared to the same period in 2021. Organic revenue growth was 23%. “LVMH had a good start to the year against a backdrop of continued disruption from the health crisis and marked by the dramatic events in Ukraine.