LVMH Watch and Jewelry Sales Slip 5%
April 18, 24
(IDEX Online) - LVMH saw watch and jewlery sales slip by 5 per cent during the first quarter of 2024.
The French luxury conglomerate said geopolitical and economic uncertainties were to blame for a slowdown that saw revenue across all sectors dip by 2 per cent, year-on-year.
The group's watch and jewelry maisons, which include Bulgari, Tiffany & Co, Chaumet, TAG Heuer and Hublot, brought in €2.466bn ($2.63bn), accounting for 12 per cent of LVMH's total revenue for Q1.
Highlights of the quarter included Tiffany & Co's continued the global rollout of its new store concept, inspired by The Landmark in New York, Bulgari's relaunch its B.zero1 collection and Chaumet unveiling medals for the Paris 2024 Olympic and Paralympic Games.
"In an uncertain geopolitical and economic environment, LVMH remains both vigilant and confident at the start of the year," the company said.
"The group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution.