LVMH Q1 Watch & Jewellery Sales +14%
LVMH Moët Hennessy Louis Vuitton said its watch and jewellery business group registered revenue growth of 14% to €879 million in the first quarter of 2017. The company saw a good start to the year, especially in Europe and Asia. Bvlgari continued to strengthen its iconic lines with the B.zero1 collection reinterpreted by the late Zaha Hadid. During the three-month period, Bvlgari inaugurated its Valenza jewellery manufacturing facility, and Chaumet introduced its new Insolence jewellery collection.
In March this year De Beers Group purchased LVMH’s 50% shareholding in De Beers Diamond Jewellers to take full ownership of the company. LVMH’s watches and jewellery division comprises Bvlgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred and Hublot.
“Bvlgari gained market share and continued to innovate with new models in its emblematic jewellery lines. TAG Heuer successfully launched its new Connected Modular 45 watch. Several innovations presented by LVMH’s watch brands at the Baselworld watch fair were given an excellent reception, including a new edition of the Autavia by TAG Heuer, the new Octo Finissimo Automatic and Serpenti Skin watches by Bvlgari and the Defy El Primero 21 by Zenith,” the firm said.
During the first quarter, LVMH benefited from a favourable comparison base, particularly in Europe, where activity was affected last year by the impact of the November 2015 attacks in Paris.
“In a particularly uncertain environment, LVMH will continue to focus its efforts on developing its brands, maintain strict control over costs and target its investments on the quality, excellence and innovation of its products and their distribution. The group will rely on the talent and motivation of its teams, diversification of its businesses and good geographical balance of its revenue to reinforce, once again in 2017, its global leadership position in luxury goods,” it stated.