|
|
Asia and Europe Boost LVMH Jewelry Sales
Jul 27, 2017 4:11 AM
By Rapaport News
|
|
|
RAPAPORT... Revenue from jewelry and watches at LVMH Moët Hennessy Louis
Vuitton jumped 14% in the first half, supported by growth in the Bulgari brand
and resurgent demand in Asia and Europe.
Sales for the division grew to $2.16 billion (EUR 1.84
billion), the Paris-based luxury group reported Wednesday. Revenue increased
13% year on year on an “organic” basis, assuming comparable structure and
exchange rates.
LVMH, which owns upscale jewelers Bulgari and Chaumet, as
well as watchmakers TAG Heuer and Hublot, said all brands in the division saw
“very strong” performances, with notable showings from China and Europe. This
improvement came after the French market weakened last year due to terrorism
fears and a resultant drop in tourist levels.
Bulgari’s performance also gained
from strong sales of jewelry lines Serpenti and B Zero 1, and from the
successful launch of Festa, a new high-end jewelry collection. Revenue at TAG
Heuer grew despite a “challenging” watch market, the company added.
Profit from recurring operations
increased 14% to $274.7 million in jewelry and watches. LVMH’s group revenue
across all products climbed 15% to $23.14 billion, boosted by a rebound in
France and Asia. Profit leapt 23% to $4.27 billion.
“LVMH has enjoyed an excellent first half, to which all our
businesses contributed,” said LVMH chairman and CEO Bernard Arnault. “In an
environment that remains uncertain, we approach the second half of the year
with caution.” |
|
|
|
|
|
|
|
|
|
Tags:
asia, B Zero 1, Bernard Arnault, Bulgari, Chaumet, China, Europe, Festa, France, Jewelry, luxury, LVMH, LVMH Moët Hennessy Louis Vuitton, paris, Rapaport News, retail, Serpenti, Tag Heuer
|
|
|
|
|
|
|
|
|
|
|
|
|