Tiffany & Co. Emerges as a Growth Driver for LVMH’s Jewelry Business

LVMH reported 9% growth in its watches and jewelry division in the latest half of the year compared with the same period last year. The gains were driven by sales in the US, Asia, and Japan, with Tiffany & Co. named as a key contributor. Bulgari also supported the division’s performance.

LVMH CEO Bernard Arnault said Tiffany’s growth was tied to its HardWear and Knot collections. Finance chief Cécile Cabanis said HardWear grew by about 75% and Knot by about 50% over the past six months. Tiffany, acquired by LVMH for $15.8 billion in 2020, is increasingly positioned as a core asset inside the group’s jewelry portfolio.

Arnault said Tiffany’s move toward high jewelry was paying off. LVMH had announced in January that Tiffany was pivoting away from its iconic silver jewelry and focusing more on gold and high jewelry, where it was seeing greater demand. Arnault also said about 40% of Tiffany’s retail stores had been refurbished so far.

LVMH’s watches and jewelry line earned 5.23 billion euros, or $5.94 billion, in the past six months. Bulgari’s high jewelry and watches also performed strongly, with Serpenti, Diva, and B.zero1 cited as particularly successful lines. The result offers a positive signal for LVMH after difficult quarters shaped by weaker aspirational spending, pressure in China, tariffs, and revenue declines since the first half of 2024.