LVMH Jewelry Business Revenue Grows 7% in First Nine Months of 2012
October 16, 12
(IDEX Online News) – Leading luxury goods group LVMH recorded revenue growth of 7 percent for the first nine months of 2012 for its Watches & Jewelry group. After taking into account the consolidation of Bulgari, as of 30 June 2011, and a positive currency impact, the company’s organic revenue grew by 10 percent.
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The group as a whole recorded revenue of €19.9 billion ($25.8 billion) for the first nine months of 2012, an increase of 22 percent on the comparable period in 2011.
It saw a 15 percent rise in revenue for the third quarter. Organic revenue growth of 6 percent in the quarter was “a solid result in the current economic environment, particularly when compared to the strong performance in the same period of 2011.”
The U.S .market continued to demonstrate momentum. In spite of a challenging economic environment, Europe and Asia also contributed to the third quarter performance.
The company said the launch of TAG Heuer’s new Link Lady and Zenith’s Pilot range were among the highlights for the quarter. In Jewelry, the success of Bulgari’s Serpenti and B.Zero1 collections was confirmed as the brand pursued a very selective distribution strategy. LVMH said that Chaumet and Fred delivered good performance in their own boutiques.
Looking ahead, LVMH said that despite the background of an economic slowdown in Europe, it remains confident in its outlook for 2012. “The group will continue to pursue its proactive strategy centered on innovation and targeted geographic expansion in the most promising markets.” The company added that it will rely on the power of its brands and the talent of its teams to further extend its global leadership position in luxury products.