High-end conglomerates LVMH Moët Hennessy Louis Vuitton and Kering reported differing first-quarter jewellery sales amid ongoing macroeconomic challenges. 

LVMH said its watches and jewellery business saw a 2 per cent decline in the first quarter of 2024 despite “good momentum” at Bulgari, with the relaunch of its B.zero1 line as well as steady demand for its high jewellery collections.

Tiffany & Co, which LVMH bought in 2021, likewise witnessed stable sales for its Knot collection. Also notable were new releases at Chaumet and Fred, according to the group. Overall Q1 revenues at LVMH were up 3 per cent, led by fashion and leather goods, perfume and cosmetics and selective retailing.

Meanwhile, Kering said revenues from the group’s “Other Houses,” which include its luxury jewellery business, were down 6 per cent but the jewellery segment “continued to deliver outstanding performances, driven by sharp double-digit growth at Boucheron.”

First-quarter group revenues, on the other hand, dipped 10 per cent. Kering Chairman and CEO François-Henri Pinault explained, “Kering’s performance worsened considerably in the first quarter. While we had anticipated a challenging start to the year, sluggish market conditions, notably in China, and the strategic repositioning of certain of our houses, starting with Gucci, exacerbated downward pressures on our topline.”

The group said it expects a sharply lower operating profit in the first half of 2024.