LVMH has shown an improved performance in its watches and jewelry segments throughout 2023, reporting a notable 3% increase in revenue to $11.84 billion, IDEX Online reports.
Organic revenue went up 7%, while profit from recurring operations also saw a 7% uptick. Total revenue across all sectors, including fashion, leather goods, perfumes, cosmetics, wines, and spirits, reached $93.6 billion.
Bernard Arnault, chairman and CEO, stated: “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.”
Noteworthy successes during the year included the launch of the new Lock collection and the high jewelry collection Blue Book: Out of the Blue. Bulgari achieved strong growth, particularly driven by the success of the Mediterranean collection, while Fred inaugurated its Fred: Jewelry Designer exhibition in South Korea. In the watchmaking category, TAG Heuer announced record-breaking revenue, and Hublot secured the prestigious role of official timekeeper for the FIFA Women’s World Cup 2023 in Australia.
In related news, Tiffany & Co. – part of the LVMH conglomerate – has launched a virtual store on Tmall Luxury Pavilion, an upscale e-commerce platform in China. The digital recreation mirrors the brand’s flagship store in Paris, La Place Vendome, providing an immersive experience for high-spending customers. Tmall Luxury Pavilion, part of Alibaba Group, specializes in high-end brands.
