Luxury group LVMH Moët Hennessy Louis Vuitton reported an organic revenue growth of 5 percent in its watch and jewellery business in 2016 on the back of strong sales in China, Korea and the Middle East.
“Growth continued in China, Korea and in the Middle East,” noted the company. Bulgari continued to gain market share with enhancements to its Serpenti, Diva and B.zero1 Collections while Chaumet continued to move its product lines upmarket and inaugurated a new boutique concept in Hong Kong.
TAG Heuer likewise grew despite a difficult market for watches, gaining market share and benefitting from the success of its new collections and its connected watch. Hublot, on the other hand, accelerated its development in Asia and recorded the best year in its history, reported LVMH.
The group also said it remains “cautiously confident for 2017,” adding that despite a climate of geopolitical and currency uncertainties, LVMH remains well-equipped to continue its growth momentum across all business groups this year.
“The group will maintain a strategy focused on developing its brands by continuing to build on strong innovation and a constant quest for quality in their products and their distribution. Driven by the agility of its teams, their entrepreneurial spirit, the balance of its different businesses and geographic diversity, LVMH enters 2017 with caution but has, once again, set an objective of increasing its global leadership position in luxury goods,” it added.