Economy

Jewellery and watch profits soar 53% for LVMH

The Jewellery and Watch division of luxury products group LVMH has reported a 53% profit jump in 2015.

The company’s jewellery division saw revenue jump from €2.78bn (£2.13bn) in 2014 to €3.31bn (£2.154bn) in 2015, an increase of 19%. Organic revenue growth was 8%, meaning the group benefitted from exchange rates.

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Profit from recurring operations of the division increased by 53%, up from €282m (£216m) in 2014 to €432m (£331m) in 2015.  

The company doesn’t list the performance of the group’s individual brands, but praised  Bvlgari’s new Diva and Lvcea collections, TAG Heuer’s new smartwatch and Hublot’s strengthened production capacity.

The company added watch brands were impacted by the “cautious purchasing behaviour” of multi-brand retailers.

Total revenue for the company stood at €35.7bn (£27.4bn) in 2015, an increase of 16% over the previous year. Meanwhile, profits of €6.6bn (£5.1bn) were up 16% on 2014.

Bernard Arnault, Chairman and CEO, said: “The 2015 results confirm the capacity for LVMH to progress and gain market share despite economic and geopolitical uncertainty. Revenue and operating profit reached new record levels.”

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