LVMH’s Watch, Jewelry Sales Down 38% So Far This Year

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LVMH’s Watch, Jewelry Sales Down 38% So Far This Year

Postby PinkDiamond » Thu Jul 30, 2020 5:17 pm

LVMH will surely rebound relatively quickly, and their June sales indicate just that so as long as there are no further setbacks with the pandemic let's hope they show decent sales the rest of the year. ;)

LVMH’s Watch, Jewelry Sales Down 38% So Far This Year
By Michelle Graff
July 28, 2020

The newest version of the Connected smartwatch from LVMH-owned watch brand TAG Heuer. The luxury giant saw jewelry and watch sales fall 38 percent in the first half of the year, with overall sales down 27 percent.

"Paris—To paraphrase Dennis Green, the numbers are what we thought they would be.

On Monday, LVMH Moët Hennessy Louis Vuitton, the luxury behemoth that owns brands like Bulgari and TAG Heuer, reported a 38 percent year-over-year decline (39 percent with comparable structure and exchange rates) in sales for its Watches & Jewelry division in the first half of 2020.

Sales totaled €1.32 billion ($1.55 billion), down from €2.14 billion ($2.51 billion) in the same period last year.

Like so many companies, LVMH was forced to shutter its stores and manufacturing facilities for several months due to the worldwide spread of COVID-19.

The company said Monday that in Q2, Bulgari experienced a rebound in the Chinese market as stores there reopened for business.

The iconic Italian brand introduced B.Zero1 Rock collection in February and a new high jewelry collection, this one called Barocko, in June using augmented reality.

Watch brands TAG Heuer and Hublot, meanwhile, felt the impact of the pandemic on third-party retailers, with orders declining.

The new TAG Heuer smartwatch, however, launched at an event in New York right before COVID-19 forced the city to shut down, has “been a great success,” LVMH said.

Total sales for LVMH, which also owns Louis Vuitton, Christian Dior and champagne brand Moët, declined 27 percent (28 percent with comparable structure and exchange rates) year-over-year to €18.39 billion ($21.61 billion).

Profit from recurring operations sunk 68 percent to €1.67 billion ($1.96 billion). The company said its most profitable brands were Louis Vuitton, Christian Dior and Moët Hennessy’s stable of wines and liquors.

In a news release announcing first-half results, LVMH Chairman and CEO Bernard Arnault noted the company has seen “an upturn in activity” since June, though the start of the recovery has been uneven.

LVMH’s Q2 revenue fell 38 percent, with a strong rebound in China but sales “notably down” in ... " ... -this-year
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