LVMH Posts Strong Second Quarter Thanks to High Jewelry

By Karen Dybis | July 27, 2026

LVMH on Monday reported positive second-quarter results due in part to strong performance by Bulgari and Tiffany & Co., both of which saw growth in their iconic collections as well as greater-than-expected demand for high jewelry.

U.S. luxury shoppers were key to lifting LVMH’s overall sales, which rose 3% organically in Q2 across all the French luxury giant’s product categories. Jewelry and watches was LVMH’s fastest-growing division, with sales up 11% year-over-year.

“Very strong organic revenue growth and improvement in operating margin,” LVMH headlined the section on watches and jewelry in its first-half 2026 report. The group’s brands include Chaumet, TAG Heuer, and Hublot in addition to Bulgari and Tiffany.

In a media presentation, LVMH officers said high jewelry debuts and sales gains in key regions, including the United States and Japan, provided momentum across the company. Tiffany also enjoyed an “excellent” welcome for its Blue Book 2026 high jewelry collection, Hidden Garden.

“Tiffany continues to progress with its elevation strategy…with a focus on developing our iconic lines,” such as Knot and HardWear, Rodolph Ozun, LVMH director of financial communications, said in Monday’s presentation.

Chief financial officer Cecile Cabanis added that Tiffany was bolstered by its ongoing store revitalization, with most locations now complete. She said the project has been done gradually for cost and quality control.

LVMH’s jewelry brands benefited from the recent decrease in gold prices, which the company hopes over time will help improve the division’s overall margins, according to Cabanis.

“We’ve seen a very good performance in Q2,” she said. “Tiffany’s transformation is bearing fruit, with the strength of its icons growing even stronger quarter after quarter.”

Bulgari’s performance, Cabanis noted, was “even” across geographic regions. The maison’s icons like Serpenti are up, its new jewelry lines are off to a good start, and its Eclettica high jewelry overperformed in the second quarter. Bulgari also introduced Vimini in the first half of 2026, and it was deemed a successful debut.

“While continuing to pay very close attention to margins, we are entering the second half of the year with renewed confidence in the long-term potential of our maisons and in our highly committed teams to continue to stand out and reinforce LVMH’s leadership position,” Bernard Arnault, chairman and CEO of LVMH, said in a statement.

For the second half of 2026, LVMH hinted at a “high-impact” initiative focused on Tiffany’s Bird on a Rock. It also said Bulgari’s retail network will expand, and Chaumet will launch an online store while developing its brick-and-mortar network, particularly in Japan and the Middle East. Another LVMH jewelry brand, Fred, will unveil its new high jewelry collection, Mr. Fred Golden Light.

Within watches over the first half of 2026, LVMH said Chaumet continued to develop its Joséphine and Bee de Chaumet collection. TAG Heuer continued to enjoy a high-profile presence at Formula 1 Grand Prix races. Bulgari’s new watches presented at the Watches and Wonders trade show—the Octo Finissimo 37 mm and the B.zero1 and Bvlgari Tubogas Gold & Steel jewelry watches—also did well.

Fred celebrated its 90th anniversary with “Heritage Rendezvous” events held in eight countries, presenting more than 250 pieces from its archives. Alongside its ongoing collaboration with the French Open, Fred expanded its flagship collections with the new Force 10 Rise and Chance Infinie designs.

Hublot continued exploring the fusion of different materials and introduced three limited-edition watches in collaboration with its brand ambassadors Novak Djokovic, Kylian Mbappé, and Usain Bolt.

Zenith presented two new additions to the G.F.J. collection and the Chronomaster Sport Skeleton, which it described as two complementary expressions of its pursuit of precision. It also introduced the G.F.J. calibre 135, jointly designed with Naoya Hida & Co., the first in a series of collaborations with independent watchmakers.

Top: Tiffany & Co. pink sapphire and diamond rings, from its 2026 Blue Book collection, Hidden Garden (photo courtesy of Tiffany & Co.)