Sales at LVMH’s watch and jewellery division rose 17% at comparable structure and constant exchange rates in the first quarter of 2012 with the luxury group reporting that all brands “enjoyed good momentum in Europe”.
The watch and jewellery division of LVMH was described as delivering rapid growth and reported growth in this sector – not at comparable structure and constant exchange rates – was 141%.
LVMH noted an increase in retail orders of its watches and jewellery compared with last year’s first quarter.
The group said that new models unveiled at BaselWorld were received well by the trade with particular highlights proving to be TAG Heuer’s Link Lady, Hublot’s early models made with its new Magic Gold and Zenith’s Pilot Aéronef.
The watches and jewellery division also reported continued own-store expansion in Asia. In that region, LVMH said that Chaumet registered “good growth” of its distribution network.
The solid performance of watches and jewellery forms just part of what was a sparkling first quarter for the group with total sales up 25% to €6.6 million (£5.4m) with revenue up 17% at comparable structure and constant exchange rates.
A forward-looking statement from the group read: “In an economic environment which remains uncertain in Europe, LVMH will continue to focus its efforts on developing its brands, will maintain a strict control over costs and will target its investments on the quality, the excellence and the innovation of its products and their distribution.
“The group will rely on the talent and motivation of its teams, the diversification of its businesses and the good geographical balance of its revenues to increase, once again in 2012, its leadership of the global high quality products market.”