LVMH’s Jewelry Sales See Moderate Slip

Sales of jewelry and watches at LVMH slid in 2025 amid economic uncertainty.

Revenue from the segment fell 1% to EUR 10.49 billion ($12.57 billion) for the full year, LVMH said Tuesday. The decline came despite a positive performance in the fourth quarter.

Tiffany & Co. continued to upgrade its store network and strengthen its iconic collections. Meanwhile, the Blue Book Sea of Wonder line, which had an exceptional performance, led its high jewelry. The company also opened two new flagships stores, in Italy and Japan, where it registered strong revenue, the luxury retailer noted. Bulgari had another “record year,” as its new Polychroma high-jewelry collection generated record sales, and the brand opened new flagship stores in key markets. Chaumet also had a good year, LVMH added. 

Organic sales — which assume a comparable structure and constant exchange rates — for jewelry and watches rose 3%. Profit from recurring operations for the category slipped 2% to EUR 1.51 billion ($1.81 billion).

Group revenue dropped 5% on a reported basis and was down 1% on an organic basis to EUR 80.81 billion ($96.88 billion) for the full year, while net profit decreased 13% to EUR 10.88 billion ($13.02 billion).

In the fourth quarter, revenue from jewelry and watches grew 8% to EUR 3.08 billion ($3.69 billion).

Image: A Bulgari store in Milan, Italy. (Shutterstock)