LVMH watches and jewellery category takes a hit as group sales slow in Q1

LVMH Moët Hennessy Louis Vuitton, the world’s leading high-quality products group, recorded revenue of €19.1 billion in the first quarter of 2026, down on an actual basis from €20.3 billion in 2025.

Watches and jewellery, specifically, was down 2% on the same period, but showed organic growth of 7%.

The category, which includes the likes of Tiffany & Co., Bulgari, TAG Heuer, Hublot, and Zenith, reported sales figures of €2.44 billion in Q1 of 2026, down from €2.48 in 2025.

The results come with the backdrop of the ongoing conflict in the Middle East which meant when reporting the results, the group focused on the positives surrounding organic growth, which stands at 1% for the wider group.  

In the statement released to media, LVMH commented specifically on the performance of its watches and jewellery business. It said: “Tiffany achieved an excellent performance. The Maison continued to successfully renovate its store network and strengthen its iconic product lines, with HardWear in particular posting very strong growth. Highlights of the quarter for Tiffany included the launch of a marketing campaign featuring its new global brand ambassador, Natalie Portman, and its latest high jewelry collections being showcased in Gstaad and Beijing. 

Adding: “Bvlgari achieved strong growth and unveiled Eclettica, a new artistic vision of high jewelry and prestige watches. The iconic Serpenti and Tubogas lines performed very well. Chaumet was boosted by the expansion of its Bee de Chaumet collection. At LVMH Watch Week 2026, held in Milan, a number of LVMH’s Maisons – including TAG Heuer, Hublot and Zenith – presented their latest innovations in watchmaking.

Concluding its statement, LVMH said it would remain “confident yet vigilant” as it moves into Q2.