Paris – With “excellent momentum” in the United States and Europe, LVMH recorded a 16 percent increase in first quarter sales, or 3 percent with comparable structure and constant exchange rates.
The Paris-based luxury conglomerate’s Watches & Jewelry division was among the top-performing categories.
In its first quarter earnings report released Monday, LVMH Moët Hennessy Louis Vuitton stated that sales of its watch and jewelry brands rose 19 percent (7 percent with comparable structure and constant exchange rates) year-over-year, from $641 million to $763 million.
Bulgari “continues to deliver good growth,” driven by the success of its staple jewelry collections and its new women’s watch, the Lvcea, while Hublot had a “very good start to the year” and TAG Heuer “continued to refocus on its core offering.”
LVMH noted in its financial report that it introduced several new watches at the recently held Baselworld show in Switzerland, including the announcement of a partnership between TAG Heuer and Google and Intel to launch a luxury smartwatch later in the year.
Total first quarter sales for LVMH hit $8.8 billion.