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WATCHES AND JEWELRY SALES PUSH LVMH REVENUE TO OVER $40 BILLION IN 2016

Luxury group LVMH Moet Hennessy Louis Vuitton has announced its sales performance for 2016. According to Gem Konnect, the group’s revenue totaled €37.6 billion ($40.3 billion) in 2016 – up 5% year-on-year. Net profit grew 11% to €3.98 billion ($4.3 billion). LVMH said it was “cautiously confident for 2017”.

 

The Watches & Jewellery group was up 5% in revenue to €3.47 billion ($3.71 billion) as well as a 5% growth in profit to €458 million ($490 million) in 2016. According to the report, “Bulgari continued to gain market share with enhancements to its Serpenti, Diva and B.zero1 lines”. Growth continued in China, Korea and in the Middle East.

 

The group’s TAG Heuer watch brand grew, while Hublot continued its development in Asia and recorded “the best year in its history”. Chaumet inaugurated a new boutique concept in Hong Kong.

 

The group’s overall revenue in the fourth quarter of the year increased by 9% year-on-year, and organic growth was 8%.

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