Strong sell-out numbers push LVMH Watch & Jewellery sales to £99m

UK sales for LVMH Watch & Jewellery topped £99m last year.

Annual turnover growth slowed to 6.3% after two years of double-digit rises in 2015 (20%) and 2016 (30%).

The figures do not include LVMH’s Bulgari luxury jewellery and watch business, which had sales of £66m last year.

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Operating profit for LVMH Watch & Jewellery UK rose by 15% to £11m.

In a statement accompanying the 2017 accounts, Rob Diver, director of LVMH Watch & Jewellery UK, said that strong sell-out in all points of sale plus the successful launch of the TAG Heuer Connected watch contributed to the strong results.

The 2017 accounts include less than two months of sales from a TAG Heuer boutique that opened on London’s Oxford Street in November, but all of the costs of launching that store.

The cost of securing the site and the start of construction work for a Hublot store that opened this summer on London’s Bond Street will also have been a drag on profit in 2017.

Mr Diver suggested that single-digit growth in 2017 was inevitable after two years of explosive expansion, but would not comment further on the financial results.

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