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LVMH jewellery and watches arm rises 5%

The jewellery and watches division of luxury good group LVMH Moet Hennessy Louis Vuitton has reported a 5% lift in revenues for the first nine months of the year.

LVMH said that while watches continued to be affected by “cautious purchasing of multi-brand retailers”, the third quarter showed “notable acceleration” on the jewellery side, driven mainly by Bvlgari, with revenues climbing to 42 million euro to 1.972 billion euro (£1.579 billion).

In a statement, the group said that the 5% growth figure represented “organic” growth, but that new financial reporting rules – meaning produced by a different method from the last time a statement was released – mean the ‘new’ figure would be 2%. However, it is understood that had the rules been the same, the ‘organic’ figure represents the most accurate representation of the firm’s performance.

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Back in July, LVMH said the jewellery and watches division had enjoyed modest revenue growth in H1, with organic revenue climbing 3%, but profits from recurring operations suffered during the period, and by that measure jewellery posted a drop of 31% to €107 million (£85m).

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Overall, LVMH’s nine-month performance represented 4% growth in both ‘reported’ and ‘organic’ figures, from 20.622 billion euro to 21.397 billion euro – around £17.1 billion.

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