Jewellery and watch sales at LVMH witnessed growth in 2023, buoyed by increased demand for products from Tiffany & Co. and Bulgari. Revenue from the segment rose by 3% to £10.9 billion ($11.84 billion), attributed to the exceptionally well-received reopening of Tiffany's Landmark store in New York. LVMH highlighted the significant success of Tiffany's new Lock bracelet and the launch of a collection by the new creative director Nathalie Verdeille. Bulgari experienced tremendous success, and TAG Heuer, the watch brand, achieved record-breaking revenue. Organic sales for the jewellery and watch division increased by 7%, with a 7% jump in profit to £2.16 billion ($2.35 billion). The results surpassed analysts' expectations, driven by robust growth in both the US and China, as reported by investment bank TD Cowen.
In the fourth quarter, revenue from jewellery and watches declined by 1.8% year on year to £2.95 billion ($3.21 billion). The group's overall revenue reached a record £86.15 billion ($93.59 billion) for the full year, marking a 9% increase, with net profit rising by 8% to £22.8 billion ($24.77 billion).
LVMH anticipates a potential slowdown in sales in 2024, influenced by the US elections and the delicate balance between local spending and tourism in China, according to insights from TD Cowen.
