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Sales of jewelry and watches at LVMH fell in 2024 as the downturn in luxury persisted, though demand strengthened in the latter part of the year.
Revenue from the segment slipped 3% to EUR 10.58 billion ($11.03 billion) for the full year, LVMH said Tuesday. The decrease came despite a healthier performance in the fourth quarter, which saw a positive trend in the division. The company introduced “numerous innovations” at all the maisons and continued to renovate stores in the category.
Tiffany & Co. debuted a new campaign as well as a new collection in partnership with Pharrell Williams, which was “exceptionally well received,” LVMH noted. Meanwhile, The Landmark — the maison’s flagship store in New York — achieved “record-breaking revenue in 2024,” and has seen revenue from high jewelry quadruple since LVMH acquired it in 2019, the luxury retailer said.
Organic sales — which assume a comparable structure and constant exchange rates — for the jewelry and watch division dropped 2%. Profit for the category slumped 28% to EUR 1.55 billion ($1.61 billion).
In the fourth quarter, revenue from jewelry and watches grew 3% year on year on a reported basis to EUR 3.04 billion ($3.17 billion).
Group revenue fell 2% on a reported basis but was up 1% on an organic basis to EUR 84.68 billion ($88.19 billion) for the full year, with net profit declining 14% to EUR 19.57 billion ($20.38 billion).
Image: The interior of the Tiffany Landmark store. (Tiffany & Co.)
