Watches and jewellery division outshines group in sales growth.
Watch and jewellery sales at LVMH were up 26% in the first nine months of 2011, as the luxury group delivered a total group sales increase of 15% in the same period.
LVMH said that it is enjoying encouraging sales momentum driven by strong sales in Europe, Asia and the US. It added that sales in Japan have now started to bounce back as the country recovers from the damage wrecked on it by this year’s tsunami.
The watch and jewellery division enjoyed a turnover of €1.21 billion (£1.05bn), making it the smallest but fastest growing sector of the LVMH group.
The third quarter in the group’s watch and jewellery division was marked by the successful public offer for the outstanding minority shares in Bulgari, a brand that the group said is “performing well across all categories”.
Elsewhere in the division, TAG Heuer focused on building its female offer with an extension to its Formula 1 jewellery line as well as bolstering its presence in Asia; Hublot continued to roll out its Classic Fusion collection; Zenith focused on pushing sales of its high-end chronographs such as the El Primero and Captain ranges; Chaumet, Fred and De Beers focused on growth of own-store networks.
LVMH gave a positive outlook for the remainder of the year and said that it will continue its “proactive strategy focused on innovation and targeted geographical expansion in the most promising markets”.