LVMH Jewelry Sales Get Boost from Tiffany

RAPAPORT... LVMH saw sales of jewelry and watches surge in the third quarter, buoyed by a strong performance from Tiffany & Co.Revenues from the category jumped 125% to EUR 2.14 billion ($2.48 billion) in the three months ending September 30, LVMH reported Tuesday. Sales for the segment also beat pre-pandemic levels, increasing 90% versus the same period of 2019. However, the figure for both the previous two years does not include sales from Tiffany, which the French luxury conglomerate acquired in January. On an organic basis - excluding Tiffany's figures - sales rose 18% compared to 2020 and 1% from 2019."Driven by the growing success of its iconic products, Tiffany enjoyed a remarkable performance, particularly in its major market, the US," the company explained. Bulgari and Chaumet also saw success from the launches of new collections.In the first nine months of the year, total jewelry and watch revenue soared 172% year on year to EUR 6.16 billion ($7.14 billion) and increased 89% over the same period of 2019. Excluding the impact of the Tiffany acquisition, sales rose 49% year on year and gained 4% versus 2019.Group revenue soared 46% year on year to EUR 44.18 billion ($51.24 billion) for the January-to-September period and 15% compared to 2019.Image: The Tiffany flagship New York store. (Tiffany & Co.)