LVMH’s watch and jewelry maisons saw organic growth of 2 per cent in Q3 2025, driven by Tiffany & Co. and Bulgari, the company said in an update published yesterday.
It follows two consecutive quarters of zero growth for the sector.
Overall, the French luxury conglomerate reported quarterly organic growth of 1 per cent (up to EUR 18.3bn) across its 75 maisons, led by fashion and leather goods. In Q1 it fell by 3 per cent and in Q2 by 4 per cent.
Total revenue for the watch and jewelry sector was EUR 2.3bn for the quarter, and EUR 7.4bn for the first nine months of 2025.
LVMH, which owns Bvlgari, Tiffany & Co., Chaumet, Fred, Repossi, TAG Heuer, Hublot and Zenith, does not provide figures on a brand-by-brand basis.
It said Tiffany & Co had “continued the successful enhancement of its iconic lines and the global rollout of its store concept inspired by The Landmark in New York”. And it reported high levels of traffic and revenue at its new stores in Milan and Tokyo.
LVMH said sales across all sectors were down year-on-year in Japan and stable in Europe and the US and up in Asia.
The conglomerate “showed good resilience and maintained its powerful innovative momentum despite a disrupted geopolitical and economic environment,” it said.
Swiss watch exports plunged in April as coronavirus lockdowns brought the entire supply chain to a near halt.
“Swiss watch exports were extremely low in April as a direct result of the standstill in production, distribution and sales, causing them to collapse,” the Federation of the Swiss Watch Industry reported Tuesday.
Shipments slid 81% to CHF 328.8 million ($339.1 million) for the month, with nearly all markets declining significantly. Orders from Hong Kong plummeted 83% to CHF 42.2 million ($43.5 million), while supply to the US dropped 86% to CHF 27.9 million ($28.8 million). Exports to Japan fell 86% to CHF 19.5 million ($20.1 million).
The decline in China was more mild, slipping 16% to CHF 110.3 million ($113.7 million), and accounting for one-third of total Swiss watch exports in April, as the economy began to recover. However that compares with an increase of 11% to CHF 155.9 million ($160.6 million) in March. In February, shipments to China fell 52% due to the coronavirus.
All price categories “contracted sharply,” as exports of timepieces valued between CHF 500 ($516) to CHF 3,000 ($3,095) declined 72% by value. Watches worth more than CHF 3,000 dropped 86%.
Shipments of timepieces made from precious metal decreased 82% to CHF 102.4 million ($105.6 million). Supply of gold and steel watches saw the steepest decline, tumbling 90% to CHF 28.4 million ($29.3 million).
