The luxury titan’s watch and jewelry sales more than tripled in the first half of the year.
LVMH posted strong results for the first half of its fiscal year, particularly in its watches and jewelry segment as it integrates newly acquired Tiffany & Co.
In the first half of the year, company revenue totaled €28.67 billion ($33.85 billion), up 53 percent year-over-year on a comparable basis.
Revenue also exceeded pre-pandemic levels, up 11 percent compared with 2019.
In the second quarter, organic revenue was up 14 percent compared with the first quarter.
First-half revenue in the watches and jewelry segment more than tripled, up 205 percent to €4.02 billion ($4.75 billion).
Sales are up 5 percent organically compared with pre-pandemic levels, though this excludes Tiffany.
“The first half saw the integration for the first time of iconic jewelry maison Tiffany, which has benefited from the new team’s focus on its iconic products,” LVMH said, noting the jeweler has performed “extremely well.”
In an interview with CNBC last month, Chief Financial Officer Jean Jacques Guiony described the incorporation of the retailer as “a long-term job.”
“The integration of Tiffany is not a six-month job,” Guiony said. “It’s something that will last for a number of quarters and the objective is not just to integrate. It is to develop the business up to the level that we think the quality of the brand could generate.”
Tiffany recorded strong sales in the United States and Asia and launched its first engagement ring for men, the “Charles Tiffany.”
It also presented its high-end jewelry collection in China and welcomed K-pop superstar Rosé, of the group Blackpink, as its new global ambassador, modeling its Tiffany Hardwear line.
Photo © Tiffany & Co.
