LVMH reported a 5% decline in revenue from jewelry and watches during the first half of 2024 due to weak consumer demand for luxury goods. Sales for this category fell to EUR 5.15 billion ($5.58 billion) in the six months ending June 30. The division’s profit also decreased by 19% to EUR 877 million ($951.3 million).
The company attributed these challenges to significant fluctuations in exchange rates between the euro and local currencies of its global stores. Despite strong sales in the US and Europe, consumer sentiment in Asia Pacific weakened, affecting sales in that region. However, tourist spending from China boosted sales at LVMH locations in Japan and Europe.
LVMH highlighted Tiffany & Co.’s successful new campaign, especially its collaboration with musician Pharrell Williams, which garnered substantial interest. Additionally, Bulgari’s new Aeterna jewelry collection achieved record-breaking revenue.
Overall, LVMH’s group revenue declined slightly by 1% to EUR 41.68 billion ($45.22 billion) for the first half of the year.
