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Bulgari Boosts LVMH Jewelry Performance
Apr 12, 2017 5:42 AM
By Rapaport News
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RAPAPORT... LVMH Moët Hennessy Louis Vuitton’s watch and jewelry sales grew 14% in the first quarter as its Bulgari brand continued to gain market share.
The luxury house saw double-digit growth across all its divisions, it reported this week, with watch and jewelry sales rising to $931.7 million (EUR 879 million) from $820.4 million (EUR 774 million) a year earlier. Comparable-store sales for the watch and jewelry unit grew 11% at constant exchange rates, the company said.
Sales included the Bulgari, Chaumet, Tag Heuer, Zenith, Fred and Hublot brands. LVMH sold its 50% stake in De Beers Diamond Jewellers to partner De Beers at the end of the quarter.
Bulgari’s position in the market strengthened during the quarter as it unveiled new models in its jewelry lines, LVMH said. The company also reported a positive response to its watch brands at the recent Baselworld fair, where it presented new editions of the Autavia by TAG Heuer, the new Octo Finissimo Automatic and Serpenti Skin watches by Bulgari, and the Defy El Primero 21 by Zenith.
Jewelry and watches is LVMH’s smallest business unit by value. Luxury and leather, its largest division, saw sales rise 15%, while perfumes and cosmetics and selective retailing grew by the same margin. Sales of wine and spirits rose 16% during the quarter.
The company said its improved figures were due in part to comparatively low first-quarter sales last year, when terror attacks in Paris impacted activity.
* Picture courtesy Johnson Watch, via Flickr
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Tags:
Bulgari, diamonds, Jewelry, luxury, LVMH, Rapaport News, Tag Heuer, watches
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