Luxury conglomerate LVMH Moët Hennessy Louis Vuitton said its jewellery business recorded a 7 per cent growth in 2019 on the back of strong performances by high-end brands Bulgari and Chaumet.

Overall revenues were up 15 per cent to €53.7 billion (around US$60 billion) in 2019, with Europe and the US registering solid growth. Asia also performed positively despite a difficult environment in Hong Kong in the second half of 2019, noted LVMH.

The group also called its decision to buy US jeweller Tiffany & Co “a strategic highlight of the year.”

According to LVMH, Bulgari successfully increased its market share in 2019, thanks to steady demand for its high jewellery collections, particularly its iconic lines Serpenti, B.Zero 1 and Diva’s Dream as well as the new Fiorever collection. Its Serpenti Seduttori watch was also well-received.

Chaumet’s growth was likewise fuelled by its highly sought-after collections. The brand is set to inaugurate its renovated site on Place Vendôme in early 2020.

Bernard Arnault, chairman and CEO of LVMH, commented, “LVMH had another record year, both in terms of revenue and results. In a buoyant environment that remains uncertain in 2020, we continue to be vigilant and focused on our objectives for progress. We can count on the strength of our brands and the agility of our teams to reinforce, once again in 2020, our leadership in the universe of high-quality products.”