LVMH reports lacklustre jewellery sales

Revenues from LVMH Moët Hennessy Louis Vuitton’s luxury jewellery arm were down in the third quarter of the year, owing to continued market uncertainties. 

Overall luxury sales dipped 2 per cent in the first nine months of the year, with other major categories apart from jewellery likewise registering declines. 

“In the third quarter, the slight decline in revenue mainly arose from lower growth seen in Japan, essentially due to the stronger yen,” the company said. 

Jewellery and watches saw a 5 per cent dip in revenues to EUR 7.54 billion (around US$8.13 billion) from EUR 7.95 billion (approximately US$8.57 billion) in 2023. Meanwhile, Q3 sales also fell 5 per cent year on year to EUR 2.38 billion (about) US2.57 billion from EUR 2.52 billion (around US$2.72 billion).

LVMH owns luxury jewellery brands Tiffany & Co, Bulgari, Chaumet and Fred alongside luxury watchmakers Hublot and Tag Heuer. 

“In an uncertain economic and geopolitical environment, the group remains confident 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,” noted LVMH.