LVMH announced the launch of the Gemstones and Jewelry Community Platform, a joint venture inspired by the luxury group’s sustainability commitments. The Coloured Gemstones Working Group (CGWG), created to introduce positive change across the jewelry industry, has actively promoted responsible sourcing of raw materials for many years.
Tiffany & Co., the iconic New York Jeweler, will launch its first-ever engagement ring collection for men. Since 1886, when Charles Lewis Tiffany introduced the solitaire Tiffany Setting, the simple six-prong design became an industry standard. While its wedding rings cater to both men and women, Tiffany has never designed an engagement ring specifically with men in mind—till today.
LVMH, Moët Hennessy Louis Vuitton, recorded revenue of 14 billion euros (US$16.7 billion) in the first quarter of 2021, up 32% compared to the same period in 2020. The quarter marks the return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic.
In a release detailing its operational results for the COVID year 2020 and the last quarter of that year, Lucara clearly demonstrates its strengths, recording a strong performance despite the pandemic. Total revenue (regular tenders, Clara plus the HB and Louis Vuitton agreement) amounted to US$125.3m, compared to US$192.5m y-o-y, a remarkably strong performance considering the impact of the COVID-19 pandemic. A strong Q4, with revenue of US$42.4m at an avg US$402/ct marked a global recovery on the rough market, a trend which is continuing in 2021.
The New York Times writes about how luxury brands who are not typically identified with the high jewelry category are drawn to big and exclusive diamonds, as a path to be part of what is considered a growth segment. LVMH's Louis Vuitton, partnering with high-end miner Lucara and Belgium-based manufacturer HB Antwerp, the newspaper reports, aims to continue its legacy of creating bespoke pieces, with the 1,758ct enigmatic Sewelô, and the 549ct clear white Sethunya.
Now that the acquisition of Tiffany & C° is complete, LVMH's Bernard Arnault is wasting no time, replacing a significant part of Tiffany's executive management with LVMH insiders. The luxury conglomerate has appointed Anthony Ledru as CEO, who stood at the helm of LVMH's Louis Vuitton up until recently, effective immediately and Arnault's own son, Alexandre as executive vice president, product and communications. Another high profile exec, Michael Burke, current chairman and ceo of Louis Vuitton will be chairing Tiffany's board of directors.
In a joint statement, both parties have announced they have lowered the agreed share price down from US$135 to US$131.5, a significant US$400m less than the original merger. JCK's Rob Bates reports about the rumors that Tiffany and LVMH, who got caught up in a legal battle after the latter announced they would back out of the deal to buy the iconic jeweler, might be back in negotiations to conclude the deal after all.
Media reports say LVMH has now definitively backed out of the US$16 billion deal that would merge Tiffany with the French luxury conglomerate. In a response, Tiffany has allegedly filed a lawsuit against LVMH, denouncing LVMH's claim that Tiffany had breached its obligations as stipulated in the merger agreement.
A deal that was announced between LVMH and Tiffany & C° earlier this year, in which the France-based luxury conglomerate led by Bernard Arnault would acquire the iconic jeweler for $135 per share, is potentially falling through, as LVMH is reconsidering its engagement amid the turmoil of the COVID-19 pandemic and unrest in the USA. According to Retail Dive, LVMH’s press release suggests that it is looking to lower the offer, and some sources say that move is based
LVMH Moët Hennessy Louis Vuitton recorded revenue of 10.6 billion euros (11.5 billion dollars) for the first quarter of 2020, down 15 percent compared to the same period in 2019 and down 17 percent on an organic basis. The group says that with these results, LVMH "has proven its ability to be resilient in an economic environment disrupted by a serious health crisis that has led to the closure of stores and manufacturing sites in most countries in recent weeks, as well as the suspension of international travel."
Tiffany & Co. shareholders voted in favor of the jeweler’s acquisition by LVMH during a meeting held on February 4 at its Fifth Avenue headquarters, the companies announced in separate press releases. LVMH Moët Hennessy Louis Vuitton, the world’s largest luxury goods company, announced on November 25, 2019 that it had reached an agreement to buy the jeweler Tiffany & Company in a $16.2 billion deal, the largest ever in the luxury sector. According to the agreement, LVMH will acquire Tiffany, the global luxury jeweler, for $135 per share in cash.
Luxury jeweler Tiffany & Co fell short of investor expectations for profit and sales during the third quarter ended Oct. 31 2019, as weak demand in the U.S. and retail disruption in Hong Kong offset growth elsewhere in China. Tiffany's business in the Americas and Europe has struggled to generate growth in recent years as price-conscious younger customers gravitate to lower-priced competitors like Signet Jewelers - which last week released “better-than-expected” results for the third quarter of fiscal year 2020.
According to several reports, LVMH's raised offer of 16.7 billion US dollar - from the 14.5 billion offered and declined earlier - might be convincing enough to persuade TIffany's and the deal could be concluded fast, insiders say. If so, Tiffany's would be joining LVMH's portfolio, which includes Bvlgari, Louis Vuitton and Dior and put the luxury conglomerate in a more interesting position to compete with rivals, such as the Swiss-based Richemont.
Tiffany & Co. has asked luxury conglomerate LVMH to raise its $14.5 billion acquisition offer, arguing that it significantly undervalues the U.S. jewelry chain, Reuters reports, citing unnamed sources. Last week, it became known that LVMH Moët Hennessy Louis Vuitton is seeking to add the iconic U.S. jeweler to its portfolio of upscale brands.
Tiffany & Co. has received a takeover approach from LVMH Moët Hennessy Louis Vuitton, which is seeking to add the iconic U.S. jeweler to its portfolio of upscale brands. The French company sent Tiffany officials a letter in the past couple of weeks outlining an all-cash takeover bid of about $120 a share, according to people familiar with the matter. That would value Tiffany at close to $14.5 billion, and represents a 22% premium over the stock’s closing price on Friday, according to the Financial Times.
The Watches & Jewelry business group of LVMH Moët Hennessy Louis Vuitton recorded revenue growth in the first quarter of 2019, driven by the performance of its jewelry, though the group lagged behind other product categories. Bvlgari is said to have "made strong progress" in its own stores.
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded revenue of €46.8 billion in 2018, an increase of 10% over the previous year. LVMH's results have upset prevailing wisdom about the health of China’s shoppers with its latest results. The luxury bellwether, which owns some of the world’s most valuable brands including Christian Dior and Givenchy, said Tuesday that demand from Chinese consumers strengthened in the three months through December, defying analysts' expectations for a decline in luxury spending.
Luxury houses such as Cartier, Piaget and Chanel have launched collections on Net-a-Porter and are doing well, despite critics of the format. Cartier made a relatively risky move by placing Panthère de Cartier, a white gold diamond watch retailing for US$77,000 (HK$600,000) on the online platform Net-a-Porter. Within two weeks of the collection’s launch, the watch was sold. Of course some ‘purists’ believe that luxury products must be felt to create an emotional engagement, which is hard to replicate online.
The De Beers Group made headlines last month when it announced the end of its joint venture with LVMH with the aquisition of their 50% share in De Beers Diamond Jewellers (DBDJ), a move that Chaim Even-Zohar characterizes as, "brilliant and long overdue." He writes, "With De Beers at the helm, the venture will get a realistic chance to succeed.
LVMH Moët Hennessy Louis Vuitton, the world's largest luxury producs group, recorded revenue of 9.9 billion Euros ($10.51 billion) for the first quarter 2017, an increase of 15%. Organic revenue (with comparable structure and constant exchange rates) growth was 13% compared to the same period of 2016, an increase attributable to all business groups.
De Beers Group announced today that it has successfully concluded the purchase of LVMH’s 50 per cent shareholding in De Beers Diamond Jewellers to take full ownership of the company, the company announced today in a press release. De Beers Diamond Jewellers’ retail network comprises 32 stores in 17 key consumer markets around the world. This includes a growing business in greater China and with Chinese clients worldwide, an established presence in London and Paris, and a new flagship location in New York City.
Bulgari, an LVMH-owned jeweler and watchmaker, announced the opening of its new jewelry manufacturing facility in Valenza, Italy, a mere 18 months since the foundation stone was laid. It is one of the largest expansions of Bulgari’s exclusive “made in Italy” manufacturing network. Bulgari strategically chose Valenza, famous for its goldsmith history and the Cascina dell’Orefice (est. 1817), as the location for the new site, which they expect to create an additional 300 jobs by 2020.
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded a 5% increase in revenue, reaching $40.08 billion (€37.6 billion). With an organic revenue growth of 8%, Q4 saw an acceleration compared to earlier in the year. Europe, the Unites States and Asia, excluding Japan, remain well positioned and continued to show significant improvement. This slower demand in Japan and France was likely due to the continued decline in the number of tourists. The strongest performers included fashion and leather goods (+34%) and wine (+13%).
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, recorded a 4% increase in revenue, reaching $29 billion (€26.3 billion), for the first nine months of 2016, the group announced in a press release. Organic revenue grew 5% compared to the same period in 2015. With organic revenue growth of 6%, Q3 saw an acceleration compared to the first half of the year. Asia showed a significant improvement during the quarter. The United States remains well positioned, as does Europe.
LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, has provided a view of the state of the luxury goods market with its results for the first half of 2016, with revenue up 3% to €17.2 billion. The financial results were in line with analysts' estimates. Organic revenue growth was 4% compared to the same period in 2015. The American market is dynamic, while Europe remains on track, with the exception of France, which has been affected by a decrease in tourism. Meanwhile, Asia improved steadily during the period, the firm said in a statement.
LVMH jewelry brand Bulgari sees a rise in sales in the second half of this year after sales were hit as a result of the terror attacks in Paris in November."If we keep that traction through the summer, the second half could indeed be much stronger in terms of growth rate," Chief Executive Jean-Christophe Babin told Reuters in an interview. He added that the jeweler aims to grow sales by more than 10% this year. Bulgari is the world's third largest watch and jewelry maker behind Cartier and Tiffany, generating annual revenue estimated at $1.7 billion-2.25 billion.
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.
The New York Times reports French luxury group LVMH, the world's largest by sales, recorded a €6.6bn (US$7.2bn) profit last year, up 16% compared to 2014. Total sales amounted to US$38.8bn, up 6% YoY or double of what analysts estimated previously. Strong sales in the US, Europe and Japan outweighed slow business in China, where the luxury group recently closed several stores.
Stanislas de Quercize, CEO of Cartier, will step down for personal reasons, effective immediately, Compagnie Financière Richemont announced Friday. The Swiss luxury goods holding company owns the luxury retailer. De Quercize has held the top position at Cartier since 2012 and has been with Richemont since 1990, serving in leadership positions with several brands. He will also resign from Richemont’s Group Management Committee but will remain as a Group executive, taking over the role of chairman of Richemont France.
Luxury goods giant LVMH Moët Hennessy Louis Vuitton SE reported that its third-quarter revenue rose 16 percent as it benefited from a weak euro and strong sales at its wine and spirits division which outweighed slowing growth at its fashion business.
LVMH reported that revenue rose 19% year on year to $18.5 billion (EUR 16.71 billion) in the first half of 2015. However, organic growth, using a comparable-structure and constant-exchange-rates, rose only 6%, meaning the exchange-rate impact added 13% to the total. Group profit improved 5%t to $1.8 billion (EUR 1.58 billion). Organic growth across the luxury goods retailer's various divisions was strongest for its watches and jewelry segment, rising 10% year on year. In total, revenue from the division rose 23% to $1.7 billion (EUR 1.6 billion).