3% Dip in LVMH's 2024 Watch and Jewelry Sales
January 30, 25
(IDEX Online) - LVMH saw revenue from watches vand jewelry slip by 3 per cent to $11bn (€10.6bn) during FY2024, although there was notable surge during the final quarter.
Across all its 75 maisons the French luxury conglomerate reported a 2 per cent drop in earnings on a reported basis to $88.3bn (€86.2bn).
However profit from recurring operations among its eight watch and jewelry brands - Bvlgari, Chaumet, Fred, Hublot, Repossi, Tag Heuer, Tiffany & Co and Zenith - was down 28 per cent, due in part to ongoing investments in store renovations and communications, as well as exchange rate fluctuations.
Q4 revenue for the watch and jewlery sector was $3.2bn (€3.0bn), up 27 per cent from $2.5bn (€2.4bn) in Q3.
LVMH said its flagship store, The Landmark, on Fifth Avenue, New York, had seen high jewelry revenue quadruple, and operating profit double following the $500m revamp. It is is planning to remodel all its 300-plus stores - just under a third of them in the US and most of the remainder in Asia-Pacific, Japan and Europe.
Overall LVMH saw a 2 per cent increase in revenue from selective retailing and perfumes/cosmetics. Wines and spirits were the hardest hit, down by 11 per cent.
Bernard Arnault, chairman and CEO, said LVMH had shown "strong resilience" in an uncertain environment.
Pic shows The Landmark, courtesy Tiffany