LVMH Jewelry Rebounds on Strong U.S. and Asia Demand

LVMH's jewelry and watches division returned to growth in the first half of 2026, with strong demand in the U.S. and Asia and solid performances from Tiffany & Co. and Bulgari offsetting a weaker first quarter.

Revenue for the division increased 3% year on year to EUR 5.23 billion ($5.93 billion) in the six months ended June 30, the luxury group reported Monday. Operating profit rose 9% to EUR 831 million ($944.7 million).

"Jewelry recorded an excellent performance in the first half of the year, including double-digit growth in the second quarter and positive growth across all key regions, driven by the U.S., Asia and Japan," said Rodolphe Ozun, LVMH's director of financial communications, during the company's earnings call.

Sales in the watches and jewelry segment dipped slightly in the first quarter, which LVMH largely attributed to geopolitical tensions, including the conflict in the Middle East. However, a strong rebound in the second quarter more than offset the earlier weakness, lifting first-half results.

"Tiffany & Co. achieved an excellent performance and continued to successfully strengthen its iconic product lines while renovating its store network," LVMH said. "Bulgari also delivered strong growth and unveiled a new artistic vision for high jewelry and prestige watches, generating record-breaking revenue."

Despite the improvement in jewelry and watches, LVMH's overall performance remained under pressure. Group revenue declined 3% year on year to EUR 38.64 billion ($43.94 billion) in the first half, as weaker sales in fashion and leather goods, perfumes and cosmetics, and wine and spirits weighed on results. Operating profit fell 4% to EUR 8.69 billion ($9.88 billion).