LVMH Moët Hennessy–Louis Vuitton recorded a 16 percent increase in revenue reaching €23.7 billion ($31.2 billion) in 2011. The revenues for the watch and jewelry segment of the company jumped 98 percent to €1.9 billion.
“Our businesses enjoyed excellent momentum and profit from recurring operations passed the threshold of €5 billion for the first time, said Bernard Arnault, chairman and CEO of LVMH, in a statement. “The agreement with the Bulgari family was one of the key moments of the year.”
The company became the majority shareholder in famed jeweler Bulgari, in a deal approved by the LVMH board of directors March 6, 2011.