LVMH Sees Strong Jewelry Sales in 2018 - Rapaport
RAPAPORT... Revenue from jewelry and watches at LVMH Moët Hennessy Louis Vuitton increased 8% in 2018, amid a strong year for Bulgari, the company said Tuesday.
Jewelry-and-watch revenue rose to EUR 4.12 billion ($4.71 billion), driven also by good results at Hublot, which represented the company as the official timekeeper for the FIFA World Cup. The Chaumet brand performed especially well in Asia, LVMH noted.
Comparable-store sales for the jewelry-and-watch division increased 12%, while profit grew 37% to EUR 703 million ($803.5 million).
In the fourth quarter, revenue from jewelry and watches grew 8% to EUR 1.1 billion ($1.26 billion).
LVMH’s group revenue for 2018 increased 10% to a record EUR 46.83 billion ($53.52 billion), with double-digit growth in comparable-store sales across all departments except wines and spirits. Net profit jumped 21% to EUR 10 billion ($11.43 billion).
The company’s share price spiked more than 6% after the results were announced.
Image: Bulgari store, London. (Rapaport News)
