The French luxury conglomerate LVMH has announced its revenue for the first nine months of 2024 on 15 October 2024. Revenue from the group’s watches and jewellery category declined 5 percent year on year to EUR 2.39 billion (around HK$20.16 billion) for the third quarter of 2024 that ended 30 September, compared with EUR 2.52 billion (HK$21.26 billion) last year. Sales of the category for the first nine months of the year dropped by 5 percent year on year to EUR 7.54 billion (around HK$63.6 billion).
According to the group in its press release, the watches and jewellery business group saw a slight decline on an organic basis in the first nine months of 2024. Tiffany continued to showcase its iconic lines through its global “With Love, Since 1837” campaign. The new Tiffany Titan by Pharrell Williams collection was well received, while the brand celebrated the 50th anniversary of the first pieces designed by Elsa Peretti. It continued to successfully roll out its new store concept in its main markets. Bulgari celebrated its 140th anniversary with celebrities, who starred in the “Eternally Reborn” brand campaign. This celebration included the launch of a new jewellery collection, Bulgari Tubogas, inspired by the 1940s icon, reinterpreted in a bold, timeless yellow gold edition. Chaumet enjoyed high visibility during the summer with the awarding of the medals for the Paris 2024 Olympic and Paralympic Games, created by its design studio.
The announcement of LVMH’s 10-year global partnership with Formula 1 was a major highlight, in which several of LVMH’s iconic brands – in particular Louis Vuitton, Moët Hennessy and TAG Heuer – will be involved starting in 2025.
For group revenue, LVMH recorded revenue of EUR 60.8 billion (around HK$512.84 billion) in the first nine months of 2024, stable on a constant consolidation scope and currency basis despite the current context and a high basis of comparison, following several years of exceptional post-Covid growth. Europe and the United States posted slight growth on a constant consolidation scope and currency basis; Japan continued to achieve double-digit revenue growth; the rest of Asia reflected in particular the strong growth in spending by Chinese customers in Europe and Japan. In the third quarter, the slight decline in revenue mainly arose from lower growth seen in Japan, essentially due to the stronger yen.
In an uncertain economic and geopolitical environment, the group remains confident and will maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, excellence in distribution and agile organization. LVMH will draw on its powerful brands and the talent of its teams to reinforce its global leadership position in luxury goods once again in 2024, the group said.
23-10-2024
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