Luxury Group LVMH Reports Jewelry Revenue Growth In Q1
The Watches & Jewelry business group of LVMH Moët Hennessy Louis Vuitton recorded revenue growth in the first quarter of 2019, driven by the performance of its jewelry, though the group lagged behind other product categories. Bvlgari is said to have "made strong progress" in its own stores.
Reported revenue for the category increased 9% in Q1 2019 to €1.05 billion ($1.18 billion) from €959 million ($1.08 billion) in Q1 2018, with organic growth (minus the effect of currency rates) rising by 4%. LVMH as a whole recorded revenue of €12.5 billion ($14.14 billion) for the first quarter of 2019, an increase of 16%, while organic growth was 11% compared to the same period of 2018. The company pointed to "the buoyant environment of the beginning of this year, albeit marked by geopolitical uncertainties" to account for its strong performance. They said the trends observed in 2018 continued throughout the first quarter, with all geographic regions are experiencing good growth.
Bvlgari's success was driven by its iconic jewelry lines Serpenti, Divas’Dream, Lvcea and its new Fiorever collection. Chaumet unveiled its new Liens Evidence creations in gold and diamonds. LVMH notes that, "The innovative products presented by LVMH’s watch brands at the Baselworld Watch & Jewelry Fair were very well received, including Hublot’s Classic Fusion Ferrari GT watch, Bvlgari’s Serpenti Seduttori and Octo Finissimo Chronograph GMT Automatic watches, TAG Heuer’s connected watch model for golfers, and Zenith’s new Defy Inventor and Defy El Primero 21 Carbon models."