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Tiffany Drives Strong Jewelry Sales at LVMH
Jul 27, 2022 9:05 AM
By Leah Meirovich
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RAPAPORT... LVMH saw revenue from jewelry and watches jump 22% in the first half of 2022, boosted by an “excellent” performance in the US from Tiffany & Co.
Revenues in the category grew to EUR 4.91 billion ($5 billion) in the six months ending June 30, LVMH reported Tuesday. Profit for the division rose 26% to EUR 987 million ($1.01 billion).
The debut of Tiffany’s new Knot collection saw sustained demand, while its fine-jewelry offering, Blue Book, brought in record sales, LVMH explained. Tiffany also benefited from the opening of a popup store in Paris, which provided an “immersive experience around the theme of the love story between Paris and Tiffany,” the luxury conglomerate noted.
Bulgari was popular during the period, with the jewelry brand’s Serpenti and BZero1 Classic lines serving as “important growth drivers,” LVMH noted. Chaumet and Fred also “performed very well.”
Group revenue surged 28% year on year to EUR 36.73 billion ($37.4 billion) for the first half. Net profit soared 34% to EUR 10.24 billion ($10.43 billion). Sales were particularly strong compared to the previous year in the US and Europe but saw a slowdown in growth in Asia amid the new health restrictions in China, the company added.
Image: A Tiffany blue box. (Tiffany & Co.)
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Tags:
Blue Book, BZero1 Classic, Chaumet, fred, Jewelry, knot, Leah Meirovich, LVMH, Serpenti, Tiffany, Tiffany & CO.
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