Third-quarter sales of watches and jewellery decreased for luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) amid widespread concern about adverse economic conditions.
The company’s overall revenue increased by one per cent to €19.96 billion ($AU33.29 billion) on a year-on-year comparison.
With that said, across the past nine months, LVMH’s revenue has increased by 10 per cent on a year-by-year, reaching €62.21 billion ($AU103.75 billion)
Revenue from the jewellery and watches division declined by five per cent for the quarter, achieving sales of €2.52 billion ($AU4.2 billion).
“LVMH will draw on its powerful brands and the talent of its teams to further strengthen its global leadership in the luxury goods market in 2023,” the company said in a statement.
“In an uncertain economic and geopolitical environment, the Group is confident in the continuation of its growth and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, excellence in distribution and agile organisation.”
Based in France, LVMH oversees more than 75 brands – including Tiffany & Co, Bulgari, Kering, and TAG Heuer – and is currently the 21st largest company in the world by market capitalisation.
In recent weeks, the public prosecutor’s office in Paris has revealed that chairman Bernard Arnault is under investigation for possible money laundering.
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