LVMH Does Well, But Profit from Jewelry & Watches Falls in 2008

LVMH Moët Hennessy Louis Vuitton reported group revenue of €17.2 billion in 2008, an increase of 4 percent over 2007. Organic revenue, the company said Thursday, grew 7 percent for the year.

The Watches & Jewelry business group posted revenue of €879 million, rising 6 percent, while organic revenue declined 2 percent. Profits, however, took a hit, falling 16 percent to €118 million.

“Following the growth seen in the first nine months of the year, Watches & Jewelry saw a slowdown in the last quarter,” LVMH said. “The good performance in Europe and Asia compensated in part for the slowdown in the American and Japanese markets.”

Its De Beers joint venture expanded its network of stores, the company added.