Profits leaped 53 percent
LVMH’s watch and jewelry department saw healthy gains in sales and revenue this year, with Bulgari and TAG Heuer’s new smartwatch singled out as strong performers.
The watch and jewelry group recorded revenue growth at comparable exchange rates of 8 percent and 19 percent on a reported basis. Profits from recurring operations leaped 53 percent.
According to LVMH’s statement:
– “Bulgari had an excellent year driven by its iconic creations and its new Diva and Lucea collections. Bulgari’s stores delivered excellent performances.”
– Its watch brands “were impacted by the cautious purchasing behavior of multi-brand retailers.”
– “TAG Heuer launched with enormous success its smartwatch…while continuing to develop its core offering.”
– “Given its strong growth, Hublot strengthened its production capacity with the opening of a second manufacturing facility in Nyon, Switzerland.”