Luxury group LVMH Moët Hennessy Louis Vuitton said its jewellery and watches business recorded a 9 percent increase in revenues in the first quarter of 2019 compared to the same period last year.
The group’s total revenues reached 12.5 billion euros (around US$14.13 billion) for the first quarter of 2019, up 16 percent from 2018 figures.
LVMH attributed the growth of its Watches & Jewelry group to a robust jewellery business.
Bvlgari made strong progress in its own stores, driven by its iconic lines Serpenti, Divas’ Dream, Lvcea and its new Fiorever collection. Chaumet unveiled its new Liens Evidence creations in gold and diamonds. A pop-up store opened in the Saint-Germain quarter in Paris while its historic store in Place Vendôme is under renovation.
The innovative products presented by LVMH’s watch brands at the Baselworld Watch & Jewelry Fair were very well received, according to the group. These included Hublot’s Classic Fusion Ferrari GT watch, Bvlgari’s Serpenti Seduttori and Octo Finissimo Chronograph GMT Automatic watches, TAG Heuer’s connected watch model for golfers, and Zenith’s new Defy Inventor and Defy El Primero 21 Carbon models.
“In the buoyant environment of the beginning of this year, albeit marked by 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,” remarked LVMH. “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 2019, its global leadership position in luxury goods.”