Luxury conglomerates LVMH Moët Hennessy Louis Vuitton and Kering reported opposing revenue scenarios for their respective jewellery businesses during the first six months of the year.

LVMH said watch and jewellery sales were down 5 per cent while profit from recurring operations fell 19 per cent due to exchange rate fluctuations. The group owns luxury jewellers Tiffany & Co, Bulgari and Chaumet.

Meanwhile, Kering said its jewellery business remained “strong” while retail operations were “resilient.” Its jewellery subsidiaries, Boucheron and Pomellato, both recorded double-digit growth during the first of 2024, the group noted.

Overall revenues for LVMH and Kering were down 1 per cent and 11 per cent, respectively. 

Bernard Arnault, chairman and CEO of LVMH, maintained that first-half results reflected LVMH’s resilience and responsiveness in the face of economic and geopolitical uncertainty. 

For his part, Kering Chairman and CEO François-Henri Pinault acknowledged the impact of a challenging market environment on profitability. The group also issued a profit warning for the second half of 2024.

“Considering the uncertainties weighing on the evolution of demand from luxury consumers in the coming months following the slowdown recorded in the first half of 2024, Kering’s recurring operating income in the second half of 2024 could be down by approximately 30 per cent compared to the second half of 2023,” remarked Kering.