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LVMH Hails Smartwatch Success as 1Q Jewelry & Watch Revenue Rises
Apr 12, 2016 9:46 AM
By Rapaport News
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RAPAPORT... LVMH Moët Hennessy Louis Vuitton’s watches and jewelry sales
jumped 7 percent in the first quarter driven by an “excellent” performance from
Bulgari and the “immense success” of the company’s connected
smartwatch.
With sales of $884.1 million (EUR 774
million), watches and jewelry was the luxury group’s joint fastest-growing
business group by revenue in the three months to March 31, alongside perfumes
and cosmetics.
Assuming a comparable structure and
constant exchange rates, jewelry and watch sales also rose 7 percent in the
three months to March 31, while perfumes and cosmetics revenue climbed 9 percent.
Bulgari’s
strength was driven by the success of its “iconic jewelry collections and
innovations,” while TAG Heuer had a “good” quarter as it focused on its core
offering, LVMH said. A number of LVMH watch-brand innovations were “extremely well
received” at the Baselworld 2016 show in Switzerland last month.
The group’s jewelry sales reflect an uptick at the top end of
the market, with luxury rival Richemont reporting a 2-percent sales growth for
its maisons – Cartier, Van Cleef & Arpels and Giampiero Bodino – in the last
three months of 2015 and an 18-percent surge in its last full fiscal year that
ended September 30.
LVMH’s total sales increased 4
percent to $9.85 billion in the first quarter, or a 3-percent advance within a
comparable structure and at constant exchange rates.
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Tags:
Jewelry, luxury, LVMH, LVMH Moët Hennessy Louis Vuitton, Rapaport News, retail, watches
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