Tiffany Sparkles as LVMH Sales Soar

RAPAPORT... LVMH saw sales of jewelry and watches surge in the third quarter, buoyed by a strong performance from Tiffany & Co.Revenue from the category jumped 25% year on year to EUR 2.67 billion ($2.58 billion) in the three months ending September 30, LVMH reported Tuesday. Sales in the US, Europe and Japan benefited from local demand as well as the recovery in international travel, while those in Asia, including China, accelerated in the third quarter as health restrictions eased.Tiffany's sales were driven by an exhibition celebrating its 185th anniversary and the launch of a new collection of unisex bracelets, the luxury group noted. Bulgari and Chaumet also performed well, while the company's Fred brand saw "huge success" following its first retrospective exhibition in Paris. In the first nine months of the year, jewelry and watch sales climbed 23% to EUR 7.58 billion ($7.35 billion). Group revenue increased 28% year on year to EUR 56.49 billion ($54.84 billion).Image: A Tiffany store on Wall Street, New York. (Shutterstock)