Rising demand for luxury jewellery from Bulgari and Tiffany & Co boosted jewellery sales of French luxury conglomerate LVMH Moët Hennessy Louis Vuitton in 2023. 

Jewellery and watch revenues rose 7 per cent year on year to €10.9 billion (around US$11.8 billion) during the year in review, according to LVMH. 

The group highlighted Tiffany’s solid performance, driven by an “exceptionally well-received” reopening of its flagship store, “The Landmark,” in New York. There was also sustained demand for Tiffany’s new Lock Collection and the 2023 Blue Book: Out of the Blue Collection.

Bulgari’s Mediterranea Collection and Serpenti line, which celebrated its 7th anniversary, also fuelled steady sales. 

Likewise contributing to robust jewellery sales were Chaumet’s new high jewellery line and “A Golden Age: 1965-1985” retrospective exhibition at 12 Vendôme in Paris, France. Fred, meanwhile, inaugurated its Fred: Jewelry Designer exhibition in South Korea, which the group described as a major success.

LVMH’s overall revenues were up 9 per cent year on year to €86.2 billion (around US$93.4 billion) in 2023, with net profit rising 8 per cent to €15.2 billion (around US$16.5 billion). Growth was driven by Europe, Japan and Asia.

Bernard Arnault, chairman and CEO of LVMH, commented, “While remaining vigilant in the current context, we enter 2024 with confidence, backed by our highly desirable brands and our agile teams.”