LVMH Jewelry and Watch Sales Up 28% in H1
July 28, 10
 Improved sales at the De Beers joint venture contributed to LVMH's improved H1 revenue |
In the first half of 2010, the watches & jewelry business group registered a 145 percent increase in profit to €49 million ($63.8 million).
“The increase in purchases by retailers, coupled with the rise in consumer demand, contributed to the performance of our brands,” LVMH said in a release.
“Fred, Chaumet and De Beers enjoyed momentum in their networks of stores. The launch of the Josephine collection was one of the highlights of the period for Chaumet,” it added about its jewelry firms.
LVMH, a leading luxury products group, reported that all business groups achieved double-digit organic revenue growth. The group performed particularly well in Asia, the U.S. and Europe.
Group profit in the first half of 2010 increased 33 percent to €1.82 billion.
“Operating margin has improved considerably thanks to robust revenue growth and the control over operating costs,” commented Chairman and CEO Bernard Arnault.
“The Group approaches the end of the year with confidence and is relying upon the creativity and quality of its products as well as the effectiveness of its teams to pursue further market share gains in its historical markets as well as in high potential emerging markets,” Arnault added.