LVMH Watches and Jewellery arm sees revenues hit €10.5bn

The LVMH Watches and Jewellery business has reported organic revenue growth of 7% from €10.5bn (£8.9bn) to €10.9bn (£9.3bn) in 2023.

Its profit from recurring operations was also up 7% to €2.1m (£1.79m).

The group attributed this growth to one of its most “lucrative maison”, Tiffany & Co., which embarked on a new chapter in its history with the reopening of “The Landmark” in New York. LVMH stated that the transformation of this flagship store was well received.

The new Lock collection, which continued to be rolled out worldwide, was also performed well, and Blue Book: Out of the Blue – the new high jewellery collection designed by creative director for jewellery Nathalie Verdeille – was unveiled.

Additionally, Bulgari posted strong growth, driven by high jewellery, in particular the success of the Mediterranean collection. Its Serpenti line, which celebrated its 75th anniversary, also reported a “remarkable” performance, both in jewellery and in women’s watches.

Chaumet also launched a new luxury jewellery line and hosted a retrospective exhibition titled A Golden Age: 1965-1985 in the grand salons of its 12 place Vendôme headquarters.

Meanwhile Fred inaugurated its Fred: Jewellery Designer exhibition in South Korea, where it was a “major success”.

Lastly, in watchmaking, highlights of the year included Tag Heuer’s achievement of “record-breaking” revenue and its celebration of the 60th anniversary of its Carrera collection, along with Hublot’s appointment as the official timekeeper for the FIFA Women’s World Cup in Australia.

Bernard Arnault, chairman and CEO of LVMH, said: “Our performance in 2023 illustrates the exceptional appeal of our Maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges.

“…This was reflected in Louis Vuitton and Christian Dior’s spectacular fashion shows, Tiffany’s reopening of “The Landmark” in New York and the ever-growing popularity of Sephora’s store concept worldwide. 2023 also saw us make progress in several key areas that are essential components of our long-term vision: protecting the environment, developing our talent, and preserving and passing on our expertise.”

Arnault added: “While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams. It promises to be an inspiring, exceptional year for us all, featuring our partnership with the Paris 2024 Olympic and Paralympic Games, whose core values of passion, inclusion and surpassing oneself are shared by our Group. For LVMH, it provides a new opportunity to reinforce our global leadership position in luxury goods and promote France’s reputation for excellence around the world.”