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RAPAPORT... LVMH Moët Hennessy Louis
Vuitton reported an 18 percent increase in revenue to $28.8 billion (€25.3
billion) for the first nine months of 2015, with its watches and jewelry
business jumping 22 percent.
Jewelry and watch sales
totaled $2.7 billion for the first nine months, a 22 percent reported increase
on last year and a 10 percent organic rise. It was the strongest improver
across LVMH’s business sectors, closely followed by wines and spirits and
selective retailing, both of which saw 19 percent reported growth over the nine
months.
The second quarter was the
strongest of the three quarters of 2015 so far for the watches and jewelry
business in year-on-year growth terms, with a rise of 13 per cent on 2014, to
$942.7 million. Quarterly revenues for the sector in the first quarter rose 7
per cent to $822 million, while third quarter sales were $968.6 million, up 11
percent.
The company did not detail what drove the increases but said
its Bulgari jewelry and luxury goods brand had “performed remarkably well, driven by all
product categories and all regions of the world.” The Hublot watch brand grew
at a high rate and increased its production capacity with the opening of a
second plant in Nyon, Switzerland, it said. It also reported that TAG Heuer continued the development of its core offering
and that its new smartwatch, made in partnership with Google and Intel, will be
unveiled in November.
LVMH said it would continue its strategy focused on
“innovation and targeted geographic expansion in the most promising markets”
and that it would “rely on the power of its brands and the talent of its teams
to further extend its global leadership in the luxury market in 2015.”
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