LVMH Jewelry Revenue Suffers 27% Drop in the First Quarter

First quarter revenues at luxury group LVMH Moët Hennessy Louis Vuitton were practically flat in reported terms at €4 billion. Sales by its watches and jewelry group fell 27 percent to €154 million.

“Notwithstanding the current environment, Louis Vuitton demonstrated its remarkable momentum with double-digit revenue growth during the quarter,” the group said, adding that it continues to gain market share in the global luxury market.

LVMH said the decrease in revenue in the watches and jewelry group was principally due to global de-stocking by watch and jewelry retailers and by the considerable exposure of TAG Heuer and De Beers to the American market.

The new collections presented at the Basel watch fair were very well-received, according to the company. These were focused on Aquaracer 500 by TAG Heuer, Big Bang King Power by Hublot, Chronomaster El Primero by Zenith and Christal Automatiques by Dior.

Fashion and leather goods achieved an 11 percent revenue growth in the first quarter, rising to €1.598 billion.