Global luxury giant posts 34 percent hike in jewellery & watch sales.
LVMH Moët Hennessey Louis Vuitton has seen revenue rocket by 13 percent to €4.5 billion in the first quarter of 2010, buoyed by strong sales across Asia as well as its core markets in the United States and Europe.
Watches and jewellery was the company’s strongest performing business group with a 34 percent hike in revenues over the same quarter in 2009. The result was attributed to the end of destocking by distributors that the company witnessed throughout last year, coupled with a rise in consumer demand.
The success of the new products presented at the Basel Watch Fair this year confirmed the momentum of LVMH brands, the company said in a trading statement.
TAG Heuer continued its high end strategy illustrated by the success of the new Calibre 1887 movement.
Hublot showed strong growth with its new King Power collection. On the occasion of its 230th anniversary, Chaumet presented its new jewellery collection, Joséphine.
Taking into account the uncertainty of the strength of the economic recovery, LVMH will continue to concentrate all of its efforts on the development of its formidable brands while maintaining strict cost management and selective investments, the company said.