LVMH’s Watches and Jewellery division recorded 6% organic revenue growth in the third quarter of 2026, supported by strong jewellery performance from Tiffany & Co. and Bulgari, even as softer demand in China weighed on the group’s wider luxury business.
Quick Summary
- LVMH’s Watches and Jewellery division recorded 6% organic revenue growth in Q3 2026, generating €2.5 billion.
- Revenue for the first nine months reached €7.73 billion, up 8% organically.
- Tiffany & Co. and Bulgari supported the division’s performance through jewellery collections and brand initiatives.
- Fashion and Leather Goods recorded a 5% organic decline in Q3.
- LVMH reported 1% organic revenue growth for the third quarter, amid softer demand in China.
- The group plans to continue investing in its brands and retail network despite economic uncertainty.
Jewellery Drives LVMH Growth as Fashion and Leather Goods Decline
Continued Growth in Watches and Jewellery
LVMH’s Watches and Jewellery division continued to demonstrate resilience in the third quarter of 2026, outperforming several other business segments despite a moderation in its growth rate compared with the first half of the year.
The division generated €2.5 billion in revenue for the three months ended 30 September 2026, marking 6% organic growth year on year. Growth eased from 11% in the second quarter, following a particularly strong first half.
For the first nine months of 2026, Watches and Jewellery revenue reached €7.73 billion, representing a 4% increase on a reported basis and 8% organic growth. LVMH attributed the performance primarily to continued strength in jewellery.
Wider Luxury Group Records Mixed Performance
The division stood out against a more subdued performance across the wider luxury group. LVMH reported just 1% organic revenue growth for the third quarter, while revenue for the first nine months declined 2% on a reported basis to €57.15 billion, reflecting changes in the group’s business portfolio and unfavourable foreign exchange movements.
Fashion and Leather Goods, LVMH’s largest business segment, recorded a 5% organic revenue decline in the third quarter amid softer demand in China. In contrast, Wines and Spirits grew 6%, Perfumes and Cosmetics advanced 1%, and Selective Retailing delivered 8% organic growth.
Tiffany & Co. and Bulgari Strengthen Jewellery Performance
Tiffany & Co. continued to support the division through its established collections, including HardWear, Knot and Sixteen Stone. LVMH also highlighted ongoing investment in the renovation of Tiffany’s retail network as the brand continues to strengthen its store experience and market positioning.
The American luxury jeweller further expanded its Blue Book 2026: Hidden Garden high jewellery collection with a presentation in Venice, building on its earlier launch in New York. The collection reinforced Tiffany’s focus on high jewellery and exclusive design-led offerings.
Bulgari also delivered a strong contribution. According to LVMH, the Italian luxury house generated record revenue from its Eclettica high jewellery and prestige watch collection. The brand also expanded its international presence through its Kaleidos exhibition in Shanghai and a large-scale Serpenti installation in New York.
Elsewhere, Chaumet continued developing its Bee de Chaumet collection, while TAG Heuer strengthened its visibility through its association with Formula 1. The watchmaker maintained a prominent presence at Grand Prix events, including its role as title partner in Madrid.
Jewellery Remains a Key Growth Driver
LVMH does not disclose separate revenue figures for jewellery and watches within the division, making it difficult to quantify each category’s individual contribution. However, the group’s emphasis on jewellery as the primary driver of growth indicates that the category remained an important source of resilience amid uneven demand across the luxury market.
Softer Chinese Demand Challenges the Luxury Market
LVMH described the trading environment in China as less buoyant during the third quarter, while the United States, Europe and Japan recorded growth.
Conditions in China remain particularly relevant to luxury watches and jewellery, as consumer spending in the market and purchases made by Chinese shoppers overseas influence demand across several major luxury brands. A broader slowdown in discretionary spending, alongside increased scrutiny of tax compliance, could add further pressure to the market, particularly among high-net-worth consumers.
LVMH Maintains Its Investment Focus
Despite these challenges, LVMH said it remained confident in its long-term prospects amid an uncertain economic and geopolitical environment. The group reiterated its commitment to investing in its brands and retail network as it navigates changing consumer demand and differing growth trends across its business divisions.
The third-quarter performance highlights the relative strength of jewellery within LVMH’s portfolio. While fashion and leather goods faced renewed pressure, continued momentum at Tiffany & Co. and Bulgari helped the Watches and Jewellery division maintain positive organic growth, reinforcing the importance of jewellery to the group’s overall performance.ip.
FAQs
How much did LVMH’s Watches and Jewellery division grow in Q3 2026?
LVMH’s Watches and Jewellery division recorded 6% organic revenue growth in the third quarter of 2026, generating €2.5 billion.
What was LVMH’s Watches and Jewellery revenue for the first nine months of 2026?
The division generated €7.73 billion in revenue during the first nine months of 2026, representing 4% reported growth and 8% organic growth.
Which brands supported LVMH’s jewellery performance?
Tiffany & Co. and Bulgari were highlighted for their contributions, supported by established jewellery collections, high jewellery launches and brand initiatives.
Why did LVMH’s overall performance face pressure?
Softer demand in China and unfavourable currency movements weighed on the wider group. Fashion and Leather Goods also recorded an organic revenue decline in the third quarter.
Did LVMH report separate revenue figures for jewellery and watches?
No. LVMH reported combined revenue for its Watches and Jewellery division, without disclosing the individual revenue contributions of jewellery and watches.
What is LVMH’s outlook amid uncertain market conditions?
LVMH said it remained confident despite economic and geopolitical uncertainty and would continue investing in its brands and retail network.
Source: SVAR Media Network
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