LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, reported an excellent start to the year, recording strong revenue growth in all its business groups, including Watches & Jewellery, for the first quarter of 2023.
The overall group revenue was €21 billion, up by 17% compared to the same period in 2022, despite the geopolitical and economic uncertainty present globally. The company’s success was largely driven by strong demand from local customers and international travellers in Europe and Japan, while the US had steady growth, and Asia experienced a significant rebound following the lifting of health restrictions.
The Watches & Jewellery business group had an excellent performance with Tiffany & Co. showing strong growth and Bulgari celebrating the 75th anniversary of its iconic Serpenti line. Chaumet created a new engagement program, Echo Culture Awards, to enrich its longstanding roots in art and culture.
Overall, the Watches & Jewellery business group achieved revenue growth of 11% to €2.58 billion in the first quarter of 2023, demonstrating the strong performance of LVMH’s luxury watch and jewellery brands.
Tiffany & Co. had an excellent start to the year with preparations underway for the reopening of the Landmark store in New York. The new Lock jewellery collection continued its worldwide rollout, and Bulgari celebrated the 75th anniversary of its iconic Serpenti line, showing strong growth. High jewellery also enjoyed a very good performance, with Chaumet and Fred making remarkable progress.