Revenue from jewelry and watches at LVMH Moët Hennessy Louis Vuitton jumped 10% in 2017, with growth across each of its key global markets.
Jewelry-and-watch revenue rose to $4.73 billion (EUR 3.81 billion), driven by a strong performance at its Bulgari brand and the launch of a TAG Heuer customizable smart watch line. Comparable-store sales increased 12%, while profit for the division grew 12% to $636.2 million (EUR 512 million). The improvement was particularly strong in Asia, the US and Europe, LVMH noted.
Group revenue increased 13% to a record $52.94 billion (EUR 42.6 billion), with double-digit growth across all departments except wines and spirits. Net profit jumped 29%.
The company’s share price spiked 4.9% after the results were announced on Friday, boosting the net worth of CEO and chairman Bernard Arnault, Forbes reported. Arnault owns more than 5% in the company, meaning his fortune grew $3.5 billion to $77.9 billion during the day, making him the fifth-richest person in the world, according to Forbes.