The Watches & Jewelry business group saw its revenue decline by 24% to €3.35 billion in 2020, with a strong improvement in trends in Q4, which fell merely 4.7% to €1.09 billion. Profit from recurring operations was down 59% to €302 million.

The firm stated that Bvlgari was responsive and quickly capitalised on the strong recovery in China. The Maison maintained a high pace of jewellery innovation with the successful launches of its Serpenti Viper, B.Zero1 Rock and Barocko collections. Chaumet inaugurated its new store at its historic address on Place Vendôme in Paris at the start of 2020 and strengthened its presence in China.

Bernard Arnault, Chairman and Chief Executive Officer of LVMH, said: “LVMH showed remarkable resilience against the unprecedented health crisis the world experienced in 2020. Our Maisons have shown great agility and creative energy in continuing to bring to life our customers’ dreams through a unique digital experience thereby further strengthening their desirability.