Luxury conglomerate LVMH Moët Hennessy Louis Vuitton said its watches and jewellery business grew substantially in 2017, led by solid performances of luxury brands in key worldwide markets.
The group’s Watches & Jewelry segment recorded an organic revenue growth of 12 percent on the back of Bulgari’s “excellent performance,” the company said. Bulgari continued to gain market share, thanks to its iconic lines Serpenti, B.Zero1, Diva and Octo. “Growth was particularly strong in Asia, the US and Europe. The opening of a new manufacturing facility in Valenza and a flagship store on Fifth Avenue in New York are among the major events of the year,” revealed LVMH.
Fine jewellery brand Chaumet, meanwhile, benefitted from the success of the Liens and Joséphine collections, and continued upgrading. In the watch sector, TAG Heuer and Hublot also performed positively. At TAG Heuer, a new generation of smartwatch with multiple customisation possibilities was launched in 2017, according to LVMH.
The group’s total revenues reached €42.6 billion or US$52.9 billion in 2017, an increase of 13 percent over the previous year. Organic revenue growth was 12 percent. All business groups recorded double-digit organic growth with the exception of Wines and Spirits, whose growth in the second half was limited by supply constraints, said LVMH.
Bernard Arnault, chairman and CEO of LVMH, commented, “LVMH achieved another record year. The excellent performance, to which all our businesses contributed, is due in part to the buoyant environment but above all to the remarkable creative strength of our brands and their ability to constantly reinvent themselves. Continued innovation, entrepreneurial spirit and the quest for excellence: All maisons continue to assert these core values while maintaining rigorous execution of their strategies on the ground. In an environment that remains uncertain, we can count on the appeal of our brands and the agility of our teams to strengthen, once again in 2018, our leadership in the universe of high-quality products.”
News Source: jewellerynewsasia.com
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