LVMH sees revenues rise to €19.96bn in Q3
Luxury goods group Moët Hennessy Louis Vuitton (LVMH) has posted reported revenues of €19.96bn (£17.25bn), up 9% year on year, in the three months ending on September 30.
On a nine-month basis it also saw revenues jump 10% to €62.2bn (£53.7bn).
On a category basis, its jewellery and watches category saw a 3% increase to €7.95bn (£6.87bn).
According to LVMH, the increase in sales was driven by the successful reopening of “The Landmark ”, in New York and Tiffany’s store network renovation program, in Tokyo in particular, where two new stores were opened, in the Ginza and Omotesando districts.
The new Lock collection which continued to be rolled out worldwide and expanded to new jewellery categories, and the launch of the second part of the Blue Book: Out of the Blue high jewellery collection also increased the group’s jewellery and watch sales.
Meanwhile, Bulgari, which experienced strong growth, celebrated the 75th anniversary of its cross-category Serpenti collection and high jewellery, which saw the launch of the Mediterranean collection, also turned in an outstanding performance.
Revenues also surged as a result of Fred’s introduction of Audacious Blue, the maison’s first lab-grown blue diamonds, and Chaumet’s A Golden Age: 1965-1985 retrospective display, as both maisons experienced significant development.
Lastly, in watchmaking, highlights of the quarter included the opening of TAG Heuer’s flagship store in New York and Hublot’s appointment as the Official Timekeeper for the FIFA Women’s World Cup in Australia.
Overall Europe, Japan and the rest of Asia achieved double-digit organic growth.
Looking ahead, the group stated that in an uncertain economic and geopolitical environment, it is “confident” in the continuation of its growth 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 organisation”.