Bulgari Boosts LVMH Jewelry Growth

RAPAPORT… Sales and profit from watches and jewelry at LVMH Moët Hennessy Louis Vuitton grew in the first half of 2019 amid a strong performance by
its Bulgari brand, the company reported Wednesday.

Revenue for the categories rose 8% to EUR 2.14 billion ($2.38
billion) in the six months ending June 30, while profit increased 5% to EUR 357
million ($397.4 million).

“Bulgari made good progress in its stores, and continued to
gain market share,” the group said. Lines such as Serpenti, B.Zero1,
Diva and Fiorever performed well, as did the new high-end jewelry
collection, Cinemagia, LVMH added.

Additionally, Chaumet’s Bee My Love, Liens and Josephine
lines saw strong improvements, while watch brand Hublot continued to develop
its store network, the company noted.

LVMH’s group revenue jumped 15% to EUR 25.08 billion ($27.92
billion), with increases across all categories. The US and Asia saw strong
growth, as did Europe, particularly in France, which performed better in the second
quarter than the first as protests in the country became less intense. Net profit climbed 14% to EUR 5.3
billion ($5.89 billion).

Last week, LVMH CEO Bernard Arnault edged out Bill Gates for
the number-two spot on Bloomberg’s Billionaire’s Index, the first time in the
list’s seven-year history Gates has been pushed out of that slot. Arnault’s
fortune has increased to $107.6 billion as LVMH’s share price continues to grow, Bloomberg noted. The company’s stock price had risen around 1% at press time Thursday.

Image: A Bulgari store in Europe. (LVMH)