Global watches and jewellery sales rose by 20% to €959m (£830m) for LVMH maisons in the first quarter on a constant currency and like-for-like store basis.
The strength of the euro and other adjustments reduced the reported growth to 9% for the quarter from brands including TAG Heuer, Hublot, Bulgari, Chaumet and Zenith.
The French luxury group reports: “Bulgari enjoyed an excellent performance and continues to gain market share thanks to the strength of its iconic lines Serpenti, B.Zero1, Diva and Octo. Chaumet unveiled its new high-end jewelry collection. The innovative products presented by LVMH’s watch brands at the Baselworld Watch and Jewelry Fair were very well received, including Hublot’s Big Bang Sapphire Tourbillon, Bulgari’s Octo Finissimo Automatic Tourbillon and new models in the iconic Monaco and Carrera lines at TAG Heuer and Defy at Zenith.”
Sales in the United States rose by 10% year on year, and now accounted for 22% of LVMH turnover in Q1.
The financial report said it has been a “good start to the year, especially in Asia and the US,” for the Watches & Jewelry division.