Luxury jewellers reported strong third-quarter results on the back of solid demand from major markets as well as a rebound in international travel.

LVMH Moët Hennessy Louis Vuitton said sales from its watch and jewellery business rose 23 per cent from January to September 2022, led by Tiffany & Co, which the group acquired in 2021. Revenues in the first nine months of the year reached EUR7.58 billion (around US$7.41 billion). Bulgari’s iconic collections also contributed to growth.

Group revenue was EUR56.5 billion (around US$57 billion), up 28 per cent compared to the same period of 2021.

“Europe, the US and Japan, up sharply since the start of the year, benefitted from the solid demand of local customers and the recovery in international travel. Asia (including China) saw a lower level of growth over the first nine months of 2022, though growth in the latest quarter accelerated there due to the partial easing of health restrictions,” noted LVMH.

Kering Group meanwhile cited an “excellent” Q3 performance from its “Other Houses,” which include jewellery brands Boucheron, Pomellato and Qeelin. 

Third-quarter revenues reached EUR995 million (approximately US$1 billion), up 17 per cent year on year. “Boucheron and Pomellato once again posted very good performances. Qeelin held out well against the complex operating environment in China,” the group said.

Group revenue rose 23 per cent from the same period last year and by 28 per cent from pre-Covid 2019.