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LVMH's Jewelry Division Operating Profit +91% to $227M

Jul 28, 2015 12:36 PM   By Rapaport News
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RAPAPORT... LVMH reported that revenue rose 19 percent year on year to $18.5 billion (EUR 16.71 billion) in the first half of 2015. However, organic growth, based on  a comparable structure  and constant-exchange rates, rose only 6 percent, meaning the exchange-rate impact added 13 percent to the total.  Group profit improved 5 percent to $1.8 billion (EUR 1.58 billion).

Organic growth across the luxury goods retailer's various divisions was strongest for its watches and jewelry segment, rising 10 percent year on year. In total, revenue from the division rose 23 percent to $1.7 billion (EUR 1.6 billion). Operating profit from watches and jewelry division jumped 91 percent to $227 million (EUR 205 million).

LVMH stated that there was strong growth from jewelry retailers but cautious purchasing behavior at multi-brand watch retailers. Bulgari's results were driven by the success of jewelry lines and a new watch for women, the Lvcea. Hublot experienced improved sales, while TAG Heuer continued to refocus on its core offering, according to the company. LVMH has partnered with Google and Intel for a TAG Heuer  smartwatch.

Bernard Arnault, the chairman and CEO of LVMH, said,  “The excellent results of the first-half are witness to the efficiency of our strategy, which relies upon the strength of our brands and a very entrepreneurial style of management. Building on the first half performances, we face the second half of the year with confidence and count on the quality of our products and the talent of our teams to further strengthen our leadership in the world of high-quality products.”

Tags: Bulgari, De Beers, Jewelry, LVMH, profit, Rapaport News, revenue, watches
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