LVMH saw revenue from jewelry and watches fall 5% in the first half of 2024 as consumer demand for luxury goods remained weak.
Sales for the category slipped to EUR 5.15 billion ($5.58 billion) in the six months that ended June 30, LVMH reported Wednesday. Profit for the division dropped 19% to EUR 877 million ($951.3 million).
Heavy fluctuations in the exchange rate between the euro and the local currencies of its stores around the world hindered the segment, it explained. Additionally, while sales remained strong in the US and Europe, those in Asia Pacific slowed as consumer sentiment weakened domestically. However, tourists from China drove up sales at LVMH’s locations in Japan and Europe, the company noted.
Tiffany & Co.’s new campaign proved popular, with the company’s collaboration with musician Pharrell Williams “generating an exceptional level of interest,” LVMH said. Meanwhile, Bulgari’s new Aeterna jewelry collection realized “record-breaking revenue.”
Group revenue decreased 1% to EUR 41.68 ($45.22 billion) for the first half.
Image: A Bulgari store in Tokyo, Japan. (Shutterstock)
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