LVMH reported a modest rebound across most business lines in the third quarter of 2025, with its Watches & Jewelry division emerging as one of the stronger performers.
From January through September 2025, the Watches & Jewelry division posted revenue of €7.4 billion, representing a 1% decrease on an organic basis compared to €7.5 billion in the same period last year, while the third quarter posted 2% organic growth.
Flagship brands continued to drive this steady performance. Tiffany & Co. advanced its refreshed store concept, expanding globally with new boutiques in Milan and Tokyo that drew strong footfall. The brand also launched new pieces that celebrate its heritage. The Bird on a Rock collection, which pays tribute to Jean Schlumberger’s famous brooch design, got off to a promising start.
Bvlgari saw sustained demand for its Serpenti and Polychroma high jewellery lines, supported by exhibitions such as Kaleidos in Tokyo and Serpenti Infinito in Mumbai, reinforcing its creative momentum. Chaumet too continued to perform well with its signature Bee de Chaumet collection.
The Watches & Jewelry division’s growth stands out in a year where luxury spending has been uneven across regions. Europe and the United States held steady, while Japan saw declines after a strong 2024 boosted by tourist spending. The rest of Asia showed improvement, which matters given the region’s importance to luxury jewellery sales.