LVMH first quarter results boosted by jewellery and watch sales
Luxury products group LVMH recorded revenue of €8.6bn (£6.8bn), an increase of 4% on the same period last year.
Organic revenue growth was 3% compared with the same period in 2015, which meant the company was hindered by exchange rates. The results were boosted by its watches and jewellery division which recorded organic revenue growth of 7% during the quarter.
The company said Bvlgari recorded an “excellent” performance driven by the success of its iconic jewellery collection and innovations.
TAG Heuer also had a good quarter, benefiting from its “successful strategy of focussing on its core offering”. LVMH added its new connected smartwatch was an “immense success”.
Meanwhile, LVMH said a number of its watch brand innovations were “extremely well received” at Baselworld, which took place between 17 March and 24 March.
In a statement, LVMH said: “LVMH will continue to focus its efforts on developing its brands, will maintain a strict control over costs and will target its investments on the quality, the excellence and the innovation of its products and their distribution.”