LVMH announced today that revenue from its Watches & Jewelry division decreased by 17% in the first half of 2009.
The luxury brand group noted in a statement: “In a particularly difficult environment marked by destocking at retailers, the Watches & Jewelry brands have focused on strengthening their iconic lines and maintaining rigorous cost management. TAG Heuer won market share in the United States thanks to its targeted actions, and continued its expansion in Asia. Confirming its position as a rising star brand, Hublot showed good resilience and opened its new Manufacture near Geneva. Zenith celebrated 40 years of El Primero and Montres Dior continued to develop its Christal line. Chaumet, De Beers and Fred concentrated on improving the productivity of their networks and their boutiques.”
All in all, the company reported a 0.2% increase in revenue for the first half of the year, which it called “remarkable” given the overall economy.