LVMH Jewellery & Watch Revenues Soar 18% To €10.58 Billion In 2022

1627
LVMH Jewellery & Watch Revenues Soar 18% To €10.58 Billion In 2022
Photo: Chaumet earrings in white and yellow gold, set with diamonds, blue and yellow sapphires.

LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury goods group, reported jewellery and watch revenue growth of 18% to €10.58 billion in 2022, in comparison with 2021. The division’s profit from recurring operations was up 20% to €2.01 billion.

LVMH said, “Tiffany & Co. had a record year, driven by its increasing desirability. While its high jewellery revenue doubled, the new Lock bracelet collection, rolled out in North America, enjoyed great success alongside other iconic lines. The “Vision & Virtuosity” exhibition at the Saatchi Gallery in London showcased 185 years of creativity and know-how of the Maison over the summer. Bvlgari confirmed its strong momentum, particularly in Europe, Japan and the United States. The iconic Serpenti line and the high jewellery and high watchmaking collections were the main growth drivers.

“Chaumet had a good year and celebrated nature with its “Végétal” exhibition in Paris. Fred showed strong growth and launched its first retrospective exhibition at the Palais de Tokyo in Paris.

“In the watchmaking sector, TAG Heuer unveiled, among other innovations, the Carrera Plasma, an avant-garde fusion of watchmaking and lab grown diamonds.”

The group recorded total revenue of €79.18 billion in 2022 and profit from recurring operations of €21.05 billion, both up 23%.

Bernard Arnault, Chairman and CEO of LVMH, said: “Our performance in 2022 illustrates the exceptional appeal of our Maisons and their ability to create desire during a year affected by economic and geopolitical challenges. We approach 2023 with confidence but remain vigilant due to current uncertainties.”

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.