Bulgari performed “remarkably well” in the first nine months of the year, parent company LVMH said in its latest financial results.
Bulgari’s performance was driven by its iconic jewelry and watch lines and the launch of its new line, Italian Gardens, it added.
In the first nine months of the year, LVMH’s overall watch and jewelry group revenue grew 22 percent on a reported basis to hit 2.4 billion euros ($2.72 billion). On an organic basis (measuring comparable stores and exchange rates), watch and jewelry revenue grew 10 percent.
The watch and jewelry division was LVMH’s best performing division on both a regular and comp basis. Its “excellent” performance comes amid “cautious purchasing by multi-brand retailers,” it added.
Other news from the results:
– TAG Heuer will debut its first smartwatch in the United States in November in partnership with Google and Intel.
– Watch brand Hublot has seen “excellent momentum” and has increased its production capacity with the opening of a second production facility.
– The company’s overall revenue grew 18 percent for the first nine months of the year, to hit 8.58 billion euros ($9.76 billion).
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