Watches and Jewelry Help LVMH to Solid Q1 Results

12/04/2016 08:53

Luxury products group LVMH Moët Hennessy Louis Vuitton posted an increase in revenue on the year before of 4% to 8.6 billion euros for the first quarter 2016. "The U.S. market is strong and Europe remains well oriented except for France which is affected by a fall in tourism," the firm said in a statement. "Asian markets are varied, but Japan continues to progress." The company's Watches & Jewelry unit recorded organic revenue growth of 7% in the first quarter of 2016, outperforming the market, it reported. "Bvlgari recorded an excellent performance driven by the success of its iconic jewelry collections and innovations. TAG Heuer had a good quarter, benefiting from its successful strategy of focusing on its core offering. The new connected smartwatch was an immense success. A number of LVMH watch brand innovations were extremely well received at the Basel Watch fair," it added.