LVMH Moët Hennessy Louis Vuitton, the owner of Tiffany & Co since 2021, is planning a massive overhaul of all of the jeweler’s 300-plus stores, according to IDEX Online.
In a recent conference call, LVMH’s CFO Jean-Jacques Guiony said that the company wants to be done with most of the network of stores at Tiffany within “three, four years max,” adding: “That’s a significant capital cost that we have to bear. But frankly, I mean, what we want to do with the brand cannot be done in the existing network. Not one single store apart from the few ones that we have already renovated are up to our standards. And it will take time and a lot of money to redo them.”
LVMH recorded revenue of €42.2 billion (approximately $46.5 billion) in the first half of 2023 – up 15% year-on-year, according to the company’s website. The Watches & Jewelry business group achieved organic revenue growth of 13% in the first half of 2023. Profit from recurring operations was up 10%. In jewelry, “Tiffany enjoyed excellent momentum with the exceptional success of the reopening of the “Landmark” in New York.” Bulgari experienced “strong growth” and the launch of its high jewelry Mediterranea collection saw “outstanding performance.” Likewise, Chaumet and Fred “experienced strong growth over the first half.”
