LVMH watches and jewellery business hits €10.5 billion revenue, boosted by revamped store, high jewellery line

Bulgari demonstrated substantial growth within the LVMH Group, primarily fueled by the success of its high jewellery, notably the Mediterranean collection

Paris: LVMH Moët Hennessy Louis Vuitton’s Watches and Jewellery business has announced a notable surge in organic revenue, achieving a growth of 7% from €10.5 billion (£8.9 billion) to €10.9 billion (£9.3 billion) during the fiscal year 2023.

The profit from recurring operations for the same period exhibited a parallel ascent of 7%, reaching €2.1 million (£1.79 million). The robust financial performance is attributed to several key factors, prominently featuring the renowned maison, Tiffany & Co. 

The success of the newly introduced Lock collection, deployed globally, contributed significantly to the overall positive performance. Furthermore, the debut of the Blue Book: Out of the Blue high jewellery collection, conceived by the creative director for jewellery, Nathalie Verdeille, added to the thriving portfolio of offerings.

Bulgari, within the LVMH Group, demonstrated substantial growth, primarily fueled by the success of its high jewellery, notably the Mediterranean collection. The Serpenti line, celebrating its 75th anniversary, delivered a remarkable performance in both jewellery and women’s watches.

Additionally, Chaumet entered the market with a new luxury jewellery line and organized a retrospective exhibition titled “A Golden Age: 1965-1985” at its grand salons situated in the 12 place Vendôme headquarters.

Fred, another brand under the LVMH umbrella, experienced a major triumph with the inauguration of its “Fred: Jewellery Designer” exhibition in South Korea.

The reported financial results underscore the resilience and strategic prowess of LVMH Watches and Jewellery in navigating the dynamic global market, with a particular focus on the success stories of its flagship brands and collections throughout 2023.

Bernard Arnault, Chairman and CEO of LVMH, said, “Our performance in 2023 illustrates the exceptional appeal of our maisons and their ability to spark desire, despite a year affected by economic and geopolitical challenges.

“…This was reflected in Louis Vuitton and Christian Dior’s spectacular fashion shows, Tiffany’s reopening of “The Landmark” in New York and the ever-growing popularity of Sephora’s store concept worldwide.”

Arnault stated that, while maintaining vigilance in the current context, the company entered 2024 with confidence. Highlighting their partnership with the Paris 2024 Olympic and Paralympic Games, he emphasized that the core values of passion, inclusion, and surpassing oneself are shared by the group. He noted that, for LVMH, this partnership offers a new opportunity to strengthen its global leadership position in luxury goods and to promote France’s reputation for excellence worldwide.

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