LVMH Watch and Jewelry Revenue Down 5%
October 21, 24
(IDEX Online) - LVMH saw revenue from its watch and jewelry division slip by 5 per cent during the first nine months of 2024 to $8.2bn.
Across all its 75 maisons the French luxury conglomerate reported a 2 per cent dip for the same period, to $66.1bn.
LVMH said it had shown "good resilience" and that it remained confident in an uncertain economic and geopolitical environment
It said it would "maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, excellence in distribution and agile organization."
LVMH's eight watch and jewlery brands - Bvlgari, Chaumet, Fred, Hublot, Repossi, Tag Heuer, Tiffany & Co and Zenith - generated a total of $11.8bn in 2023. The company does not provide a brand-by-brand earnings breakdown.
It said the third quarter decline in revenue across all LVMH brands was largely due to a stronger yen and lower growth in Japan.
Pic courtesy Bvlgari.