LVMH has recorded a 20% organic revenue growth to €959 million (£828m) for its jewellery and watch brands during the first quarter of 2018.
This division performed better than all the luxury conglomerate’s other business groups, and it also tops the 13 percent organic growth the overall company registered for the first quarter of the year.
LVMH’s “organic growth” metric is calculated using comparable exchange rates. When looking at reported growth, the watch and jewellery sector only showed 9% growth over the prior year.
During the first quarter, LVMH says Bvlgari enjoyed an excellent performance and continues to gain market share thanks to the strength of its iconic lines Serpenti, B.Zero1, Diva and Octo.
In addition, Chaumet unveiled its new high-end jewellery collection.
The innovative products presented by LVMH’s watch brands at the Baselworld Watch and Jewelry Fair were also very well received, including Hublot’s Big Bang Sapphire Tourbillon, Bvlgari’s Octo Finissimo Automatic Tourbillonand new models in the iconic Monaco and Carrera lines at TAG Heuer andDefy at Zenith.
LVMH states in the report: “In the buoyant environment of the beginning of this year, albeit marked by unfavorable exchange rates and geopolitical uncertainties, LVMH will continue to focus its efforts on developing its brands, maintaining strict control over costs and targeting its investments on the quality, excellence and innovation of its products and their distribution.
“The Group will rely on the talent and motivation of its teams, the diversification of its businesses and the geographical balance of its revenue to reinforce, once again in 2018, its global leadership position in luxury goods.”