LVMH reports strong watch and jewellery business in Q1

Luxury group LVMH Moët Hennessy Louis Vuitton reported a 7 percent growth in its watch and jewellery business during the first quarter of 2016 on the back of successful product launches and sustained customer interest.

In its annual report, the group cited positive performance of its various luxury brands including Bulgari, Chaumet, TAG Heuer and Hublot.

“Bulgari recorded an excellent performance driven by the success of its iconic jewellery collections and innovations,” the group said, adding that growth was fuelled by the launch of the new B.zero1 collection as well as the reopening of Bulgari’s London New Bond Street flagship store.

Chaumet, for its part, recorded a strong first quarter performance in Asia.

The luxury watch sector also made waves in the first three months of the year, according to LVMH. “TAG Heuer’s new connected smartwatch was an immense success in attracting a younger clientele. Hublot’s partnership with Berluti, meanwhile, created two new Classic Fusion models,” noted the group.

Overall, the group recorded about US$9.7 billion in first quarter revenues, up 4 percent from a year ago. “The US market is strong and Europe remains well-oriented except for France, which is affected by a fall in tourism. Asian markets are varied, but Japan continues to progress,” the group said.