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French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has begun 2023 on a positive note, reporting an 11 per cent rise in jewellery and watch sales.
In a statement released on 12 April, LVMH said that despite operating in an economic and geopolitical environment which ‘remains uncertain’, total revenue increased by 17 per cent.
“In jewellery Tiffany & Co. had an excellent start to the year as preparations were made for the upcoming re-opening of the Landmark in New York. The new Lock jewellery collection, whose success is increasing, continued its worldwide rollout,” the statement reads.
“Bulgari, showing strong growth, celebrated the 75th anniversary of its iconic Serpenti line. High jewellery enjoyed a very good performance. Chaumet and Fred made remarkable progress.“
The report continued: “The LVMH watchmaking maisons [brands] maintained excellent progress and unveiled many new products at the Watches & Wonders trade show, including innovations from TAG Heuer, Hublot and Zenith.”
The company generated 27 per cent of its revenue in the Americas and 30 per cent in Asia, excluding Japan.
“In an uncertain geopolitical and economic context, LVMH remains both vigilant and confident at the start of the year,” the statement concludes.
“The Group will continue to pursue its strategy focused on the development of its brands, driven by a sustained policy of innovation and investment as well as by a constant quest for quality in its products, their desirability and their distribution.”
LVMH oversees more than 75 brands and is currently the 13th largest company in the world by market capitalisation.
LVMH boosting production for Tiffany & Co.
In further developments, the company will purchase a majority stake in the owner of two French jewellery producers in a bid to strengthen Tiffany & Co.’s manufacturing.
In a deal that is expected to be finalised before the end of 2023, LVMH will purchase Platinum Invest, the holding company of both Orest and Abysse.
“This acquisition is an important step for Tiffany & Co,” said CEO Anthony Ledru.
“It will allow us to reinforce our commitment to the highest level of quality while expanding our production capacity to meet the increasing demand of our clients.”
Platinum Invest has a network of five workshops across the Grand Est region of France, employing 800 people.
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