Tiffany & Co. is proving to be LVMH's crown jewel
LVMH reported a 9% growth in its watches and jewelry division, largely attributed to the strong performance of Tiffany & Co. following its 2020 acquisition. The brand's pivot toward gold and high-end jewelry collections has successfully offset recent industry-wide luxury spending slumps.
Why it matters
This highlights the resilience of high-end luxury brands and the effectiveness of strategic product pivots in a cooling global luxury market.
Tiffany & Co. drove strong growth for LVMH's watches and jewelry division. Nicolas Economou/NurPhoto via Getty Images Tiffany & Co. is proving it's a good investment. LVMH reported a 9% growth in its watches and jewelry division, led by Tiffany and Bulgari. The French luxury conglomerate acquired Tiffany in 2020 for $15.8 billion. American darling Tiffany & Co. is bringing in some serious cash for its French parent. LVMH reported 9% growth in its watch and jewelry vertical in the latest half of the year compared to the same period last year, driven by sales in the US, Asia, and Japan. Tiffany was a big reason for the growth, said LVMH CEO Bernard Arnault, France's richest man. Arnault said in a Monday earnings call that Tiffany, which it acquired for $15.8 billion in 2020, was growing because of its iconic product lines, the HardWear and Knot collections.
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