LVMH revenues hit €7.57bn in H1
Sales in Europe, the United States and Japan have jumped since the start of the year. LVMH said these regions benefited from the solid demand of local customers and the recovery in international travel
LVMH has announced revenue growth of 23% for its Watches and Jewellery business group in the first nine months of 2022 (H1), up from €6bn (£5.39bn) to €7.57bn (£6.6bn) year-on-year.
Tiffany and Co. sales were driven by “strong” momentum in the United States, and its ‘Vision and Virtuosity’ exhibition at the Saatchi Gallery in London to celebrate the 185th anniversary of the House was “a great success”. Additionally, its new collection of Lock unisex bracelets was rolled out in North America during the period.
Bulgari also continued to strengthen its collections. Its new high jewellery and watch line ‘Eden: The Garden of Wonderswas’ showcased in Shanghai and Beijing, and the Maison’s jewellery creation and manufacturing talent were revealed in the film “Inside the Dream”.
Overall, the group reported “record” revenues of €56.5bn (£49.5bn) in H1, marking a 28% increase year-on-year as revenues grew 19% in the third quarter.
Sales in Europe, the United States and Japan have jumped since the start of the year. LVMH said these regions benefited from the solid demand of local customers and the recovery in international travel.
However, Asia (including China) saw a lower level of growth over the H1, though growth in the latest quarter accelerated due to the partial easing of health restrictions.
Looking ahead, LVMH said that despite an uncertain geopolitical and economic backdrop, the group remains confident in the continuation of current growth and will maintain a policy of cost control and selective investment.
