LVMH Watch and Jewelry Revenue Jumps in Q1 2022
LVMH has reported that revenue from its watch and jewelry division jumped 24% in the first quarter of this year to total $2.53 billion. Organic growth was 19% while overall earnings across all luxury groups rose 29% year-on-year to $19.4 billion.
According to an earlier report, Tiffany & Co. “had an excellent start to the year, still driven by strong growth in the United States,” with the new Knot collection “particularly successful.” At Bulgari, the high jewelry and watch collections “were the main drivers of growth.” Chaumet and Fred “had an excellent performance in the quarter,” while all of LVMH’s watchmaking Maisons “continued to see strong momentum […]”.
In an earnings call, LVMH said Russia and Ukraine “represented tiny markets for its goods, so the war was having negligible impact” and that it experienced “little trouble” sourcing diamonds in the light of US and EU sanctions on Russia.