French luxury conglomerate LVMH Moët Hennessy Louis Vuitton reported strong jewellery sales in the first half of 2023, buoyed by its Europe and Asia business.

Jewellery and watch revenues at LVMH rose 11 per cent year on year to €5.43 billion (around US$6 billion) due to sustained demand for high-end jewellery, led by Tiffany & Co, Bulgari and TAG Heuer. 

Meanwhile, overall revenues were up 15 per cent to €42.2 billion (around US$46.6 billion) in the first half of 2023, with majority of business groups achieving double-digit organic revenue growth.

LVMH cited Tiffany’s solid first-half performance, driven by the reopening of its landmark store in New York, steady demand for Tiffany Lock jewellery collection and a newly launched high-jewellery collection by artistic director Nathalie Verdeille. 

Bulgari’s iconic Serpenti line and a recently unveiled Mediterranea high-jewellery collection also saw outstanding performances. 

Bernard Arnault, chairman and CEO of LVMH, commented, “Thanks to the desirability of our brands, we approach the second half of the year with confidence and optimism but will remain vigilant within the current environment and count on the agility and talent of our teams to further strengthen our global leadership position in luxury goods in 2023.”