LVMH’s Jewelry and Watch Revenue Slides in 2020
Sales of jewelry and watches at LVMH dropped 24% in 2020 due to the effects of the coronavirus pandemic.
Revenue from the categories fell to EUR 3.36 billion ($4.07 billion), as the luxury retailer — which owns Bulgari and Chaumet — was forced to close stores and manufacturing sites for several months in most of the countries in which it operates. The ban on international travel also hurt LVMH, which gains revenue from tourist spending.
Comparable-store sales for the jewelry and watch division slid 23%, while profit plunged 59% to EUR 302 million ($366.2 million).
The jewelry results do not include revenue from the newly purchased Tiffany & Co., as LVMH only finalized the deal earlier this month.
In the fourth quarter, revenue from jewelry and watches slipped 5% to EUR 1.09 billion ($1.32 billion) amid a strong rebound in China. Bulgari capitalized on a recovery in the mainland, the company said, and also launched several new collections, including Serpenti Viper, B.Zero1 Rock, and Barocko.
Group revenue for 2020 fell 17% to EUR 44.65 billion ($54.14 billion), while net profit plummeted 28% to EUR 8.31 billion ($10.07 billion).
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