Luxury conglomerate LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, reported a resilient performance in its jewellery division for the first half of 2024 that ended 30th June. Despite a challenging economic environment, the group achieved a relatively stable overall performance.
LVMH’s Watches & Jewellery division, which comprises Bulgari, Tiffany & Co., Chaumet, and Fred, saw a 5% decrease in H1 revenue to €5.15 billion, contributing over 12% to the group’s overall revenue of €41.6 billion, which slid 1% versus last year and saw 2% organic growth.
The profit from recurring operations in the Watches & Jewellery sector plummeted 19% to €877 million, highlighting the challenges from exchange rate fluctuations.
Bernard Arnault, Chairman and CEO of LVMH, commented: “The results for the first half of the year reflect LVMH’s remarkable resilience, backed by the strength of its maisons and the responsiveness of its teams in a climate of economic and geopolitical uncertainty. Driven as ever by our dual focus on desirability and responsibility, we have continued to work towards achieving the targets set out in our environmental and social action programs.”
“Tiffany & Co. continued to showcase its iconic lines through initiatives including a new campaign that received an excellent welcome. The new Tiffany Titan by Pharrell Williams collection generated an exceptional level of interest. Céleste – the 2024 Blue Book high jewellery line, unveiled in Beverly Hills in May – drew inspiration from the boundless imagination of Jean Schlumberger,” LVMH said.
“Bulgari celebrated its 140th anniversary with the ‘Eternally Reborn’ campaign, and presented the new Aeterna high jewellery collection in Rome, which achieved record-breaking revenue. Chaumet unveiled the medals for the Paris 2024 Olympic and Paralympic Games, created by its design studio.”