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.

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).

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.