LVMH’s Jewellery & Watch Revenues Dip 5% in Jan-Sept 2024
LVMH Moët Hennessy Louis Vuitton, the global leader in luxury goods, demonstrated resilience in 2024, posting a revenue of €60.75 billion for the first nine months of the year. Despite a challenging macroeconomic context and high comparative post-pandemic growth, LVMH’s overall performance remained stable on a constant consolidation scope and currency basis. However, the group’s Watches & Jewellery division saw a slight dip, with a 5% decline, resulting in revenues of €7.53 billion.
The Watches & Jewellery segment has been a significant contributor to LVMH’s growth, but in 2024, it experienced some headwinds. The division’s performance was impacted by various market factors, including economic uncertainty and fluctuations in demand. However, despite the slight downturn, LVMH's iconic jewellery brands continued to make strides in product launches, campaigns, and anniversary celebrations, demonstrating their ability to captivate the luxury consumer base.
Tiffany & Co., one of the standout brands in LVMH’s jewellery portfolio, focused on promoting its heritage while introducing modern innovations. Its global “With Love, Since 1837” campaign played a key role in highlighting the brand's iconic lines, while the new Tiffany Titan collection, designed in collaboration with Pharrell Williams, received an enthusiastic response from consumers. Additionally, the brand celebrated the 50th anniversary of the first pieces created by famed designer Elsa Peretti, keeping its legacy of craftsmanship alive. Tiffany & Co. also continued to roll out its new store concept across major global markets, enhancing the luxury shopping experience for its clientele.
Bulgari, another prestigious name in LVMH’s jewellery portfolio, marked its 140th anniversary in 2024 with high-profile campaigns and celebrations. Zendaya, Anne Hathaway, and Yifei starred in Bulgari's “Eternally Reborn” campaign, helping the brand strengthen its global appeal. As part of the anniversary, Bulgari launched a new jewellery collection called Tubogas, a reinterpretation of the 1940s design icon, in a bold yellow gold edition that captured the essence of timeless luxury.
Chaumet, known for its sophisticated designs, also enjoyed high visibility in 2024, particularly through its role in the Paris 2024 Olympic and Paralympic Games. The brand’s design studio crafted the medals awarded during the Games, showcasing Chaumet's dedication to craftsmanship and its connection to French heritage. This visibility bolstered Chaumet’s brand image, particularly in key markets.
Source: https://gjepc.org/