French luxury conglomerate Louis Vuitton Mot Hennessy (LVMH) is celebrating a strong third quarter sales performance, spearheaded by Tiffany & Co and Bulgari.
In the first nine months of 2022, jewelry and watch sales have increased by 23 per cent to €7.58 billion ($AU11.74 billion).
Group revenue increased 28 per cent year-on-year to €56.49 billion ($AU87.50 billion).
“Against an uncertain geopolitical and economic backdrop, the Group is confident in the continuation of current growth and will maintain a policy of cost control and selective investment,” LVHM said in a statement.
“The Group’s strategy will remain focused on continuously strengthening the desirability of its brands, by relying on the authenticity and quality of its products, the excellence of their distribution and the reactivity of its organisation.”
Sales in the US, Europe, and Japan benefited from positive levels of local demand, while those in Asia, including China, improved in the third quarter as pandemic restrictions eased.
Headquartered in Paris, LVMH owns more than 60 subsidiaries which manage brands such as Bulgari, Chaumet, and Fred and watch manufacturers TAG Heuer, Zenith, and Hublot. LVMH also acquired Tiffany & Co in 2021, with Q3 sales for the iconic US brand strong off the back of a 185-year anniversary campaign.
In 2021 LVMH reported sales revenue in excess of €64 billion ($AU93.4 billion).
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