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Bulgari Drives LVMH Jewelry Growth
Jul 25, 2018 8:00 AM
By Rapaport News
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RAPAPORT... LVMH Moët Hennessy Louis Vuitton’s sales and profit from
jewelry and watches grew strongly in the first half of 2018 amid a robust performance by its Bulgari brand in key markets, the company reported Tuesday.
Revenue for the division climbed 8% to $2.31 billion (EUR
1.98 billion) in the six months ending June 30, while profit jumped 46% to $400
million (EUR 342 million).
“Bulgari had an excellent first half, and continued to gain
market share,” the group said. The growth was especially notable in China and
the US, it added.
In addition, the introduction of Chaumet’s new high-end jewelry
collection boosted the division, as did TAG Heuer’s launch of a new smart watch.
Hublot’s position as official timekeeper for the FIFA World Cup also
contributed to growth, the company noted.
LVMH’s group-wide revenue increased 10% to $25.44 billion
(EUR 21.75 billion), with double-digit growth across all departments. Net profit increased 41% to $3.51 billion (EUR 3 billion).
The company’s share price rose 3% Tuesday after it announced the results.
Image: Art of Life/Shutterstock
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Tags:
Bulgari, Chaumet, hublot, LVMH, Moët Hennessy Louis Vuitton, Rapaport News, Tag Heuer
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