LVMH’s stable of watch and jewelry brands enjoyed an astounding 20 percent organic revenue growth during the first quarter of 2018, the luxury conglomerate announced recently.
That’s better than all of the luxury conglomerate’s other business groups, and it also tops the 13 percent organic growth the overall company registered for the first quarter of the year.
LVMH’s “organic growth” metric is calculated using comparable exchange rates. When looking at reported growth, the watch and jewelry business group only showed 9 percent growth over the prior year, a lower but still impressive number.
In a press release, the Paris-based company singled out the following initiatives by its stable of watch and jewelry brands:
– “Bulgari enjoyed an excellent performance and continues to gain market share thanks to the strength of its iconic lines Serpenti, B.Zero1, Diva, and Octo.”
– “Chaumet unveiled its new high-end jewelry collection.”
– “The innovative products presented by LVMH’s watch brands at the Baselworld Watch and Jewelry Fair were very well received, including Hublot’s Big Bang Sapphire Tourbillon, Bulgari’s Octo Finissimo Automatic Tourbillon, and new models in the iconic Monaco and Carrera lines at TAG Heuer and Defy at Zenith.”
LVMH’s watches and jewelry division comprises Bulgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred, and Hublot.
Overall, LVMH dubbed the business environment in the first quarter of the year “buoyant,” although it continued to be “marked by unfavorable exchange rates and geopolitical uncertainties.”
“LVMH will continue to focus its efforts on developing its brands, maintaining strict control over costs, and targeting its investments on the quality, excellence, and innovation of its products and their distribution,” a statement said. “The Group will rely on the talent and motivation of its teams, the diversification of its businesses, and the geographical balance of its revenue to reinforce, once again in 2018, its global leadership position in luxury goods.”
(Image courtesy of Wikipedia)