|
|
LVMH Jewelry and Watch Revenue Slides
Oct 18, 2020 5:34 AM
By Rapaport News
|
|
|
RAPAPORT... LVMH’s jewelry and watch sales declined in the third quarter, even as a recovery in China buoyed sales, the company said last week.
Revenue for the category fell 14% to EUR 947 million ($1.11 billion) for the three months ending September 30.
“A rebound in China was observed in the third quarter, but did not prevent the overall activity from dropping…in the period,” the luxury group noted.
Bulgari introduced Barocko, a new line of fine jewelry, and debuted new watch models, which performed well. TAG Heuer became the official partner of the Porsche Golf Cup France following the debut of a special golf smart watch.
In the first nine months of the year, revenue from jewelry and watches slid 31% to EUR 2.27 billion ($2.66 billion).
Group sales for the third quarter — including jewelry, wines and spirits, fashion, and cosmetics — slipped 7% to EUR 11.96 billion ($14.01 billion).
“Since the start of the year, LVMH has demonstrated good resilience in an economic environment severely disrupted by the serious health crisis that led to the suspension of international travel and the closure of the group’s stores and manufacturing sites in most countries over a period of several months,” LVMH said. “In a very turbulent context, marked by continuing economic and health uncertainties, LVMH will continue to exercise caution [and] strengthen its cost controls and selectivity in its investments.”
Image: The Bulgari flagship store on Fifth Avenue, New York. (LVMH)
|
|
|
|
|
|
|
|
|
|
Tags:
Bulgari, COVID-19, jewelry and watch sales, LVMH, Rapaport News, Tag Heuer
|
|
|
|
|
|
|
|
|
|
|
|
|