LVMH Watches & Jewelry Group +4% in H1 2016
July 27, 16
(IDEX Online News) – LVMH Moӫt Hennessy Louis Vuitton (LVMH) reported that its Watches and Jewelry business group recorded organic revenue growth (at constant exchange rates) of 4 percent in the first half of 2016.
Overall, LVMH recorded a 3-percent increase infirst half 2016 revenue to €17.2 billion ($18.91 billion).
In the second quarter, revenue increased by 2 percent compared to the same period in 2015. Organic revenue showed a 4-percent growth, marking a slight increase compared with the same period in the prior year.
The company said that it had outperformed the market during the period and was due to an excellent performance from Bvlgari, which continued its growth and outperformed the market. Tag Heuer also gained market share and recorded the first positive effects of the development of its core offering, including success with its new Connected watch.
“LVMH’s results for the first half of 2016 reflect, more than ever, the strength of our business model, which allows us to continue to grow even during an unstable geopolitical environment and economic and monetary uncertainties,” said LVMH chairman and CEO Bernard Arnault.
“By remaining vigilant, we face the second half of the year with confidence and count on the quality of our products and the talent of our teams to further strengthen our leadership in the world of high quality products in 2016.”
LVMH’s watch and jewelry brands comprise Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred, Hublot and De Beers Diamond Jewellers Ltd.