LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury group, said Thursday that revenue for its Watches & Jewelry business group grew at a record pace of 29 percent in the first nine months of 2010 with many of its iconic brands leading the way. Organic growth, when currency fluctuations were not taken into account, was 22 percent. This business group outperformed all other product categories for the international luxury retail conglomerate.
TAG Heuer, which has been expanding worldwide, has benefited from the new models launched for its 150th anniversary celebration. Hublot gained market share due to the “excellent performance” of its Big Bang and King Power lines, the company said. Zenith’s new collections were “very favorably received.” The jewelry brands Chaumet, Fred and De Beers also reported strong growth.
The company as a whole achieved revenue of €14.2 billion ($20 billion) in the first nine months of 2010, a year-over-year increase of 19 percent, LVMH said. Organic revenue growth was 14 percent for the period. Without releasing exact numbers, the company said Asia, Europe and America performed well.
In addition, all its product categories achieved double-digit growth. The results are as follows:
* Wine & Spirits, 22 percent;
* Fashion & Leather Goods, 20 percent
* Perfumes & Cosmetics, 14 percent
* Selective Retailing, 17 percent
In its outlook, the company said it will continue its focus on “innovation and targeted geographical expansion in the most promising markets.”