LVMH’s revenue from jewelry and watches slipped 1% in the first half of 2025 as the group faced a challenging economic environment.
Sales for the division fell to EUR 5.09 billion ($5.98 billion) in the six months that ended June 30, LVMH reported last week. Profit for the category dropped 13% to EUR 762 million ($895.1 million) from EUR 877 million ($1.03 billion) in the equivalent period last year.
Group sales dipped 4% to EUR 39.81 billion ($46.76 billion) for the six months, while LVMH’s overall profit slid 15% to EUR 9.01 billion ($10.56 billion). Watches and jewelry saw a more moderate sales decline than the fashion and leather goods and wine and spirits segments, each of which slipped 8%.
The luxury group attributed the profit decline in the watches and jewelry section to ongoing investments in store renovations and communications. For the company overall, while demand in the US and Europe held strong, Japan experienced a downward trend compared to strong tourist spending during the first half of 2024.
“LVMH showed solidity in the current context,” said CEO Bernard Arnault. “We owe this to the power of our iconic brands and their boundless capacity for innovation while remaining true to their culture of incomparable artisanal craftsmanship.”
Tiffany & Co. expanded its revamped store concept globally, inspired by The Landmark in New York, which helped bolster local demand. Bulgari launched its Polychroma high-jewelry collection and celebrated its Serpenti line with art exhibitions in Asia, while Chaumet continued promoting its Bee de Chaumet collection.
In watches, TAG Heuer built on its Formula 1 partnership during the Monaco Grand Prix, Hublot marked the 20th anniversary of its Big Bang line, and Zenith celebrated 160 years of watchmaking.
Image: A Bulgari store in Tokyo, Japan. (Shutterstock)