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Record Results for LVMH in 2019, Strong Growth for Bvlgari and Hublot

French luxury powerhouse still continues its impressive growth.

| By Brice Goulard | 3 min read |

Year after year, the publication of the annual results of LVMH is no more a surprise… Growth has become the norm for the world’s largest luxury group, which operates in multiple businesses such as fashion, wine, perfumes, selective retailing and, of course, watches and jewellery – the group is the owner of Bvlgari, Hublot, TAG Heuer, Zenith and, a recent deal, the integration of Tiffany & Co. (which will be effective mid-2020). As for 2019 results, LVMH recorded revenue of €53.7 billion in 2019, up 15%, and organic revenue growth was 10%. Impressive numbers, yet the situation has to be nuanced, depending on the business units and the regions.

There’s no debating the constant growth of LVMH’s revenues, without even accounting for the recently acquired companies. Even without them, the group continues its progression both for revenues and profits – both were up 15% between 2018 and 2019, with an impressive net profit of 13% of the revenues. Bernard Arnault, Chairman and CEO of LVMH, said: “LVMH had another record year, both in terms of revenue and results. The desirability of our brands, the creativity and quality of our products, the unique experience offered to our customers, and the talent and the commitment of our teams are the Group’s strengths and have, once again, made the difference.

Looking at the financial statement in detail, we can see that some regions performed better than others, something that the exports of Swiss Watches published this morning also confirmed. Europe and the United States experienced good growth over the year, as did Asia, despite a difficult environment in Hong Kong in the second half of 2019.

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The LVMH watches and jewellery division

Looking at our topic of interest in detail, we can see that this division recorded revenues of EUR 4.4 million – representing 8.2% of the group’s revenues, being the smallest of the specialized division (the largest, without surprises, being the fashion and leather goods). Overall, the division records a growth of 7% over the year 2019 – without including the recent integration of Tiffany & Co. The profit is up by 5%.

The financial statement also indicates that Asia (excl. Japan) accounts for 38% of the revenues, while Europe still generates 23%, Japan alone 12% and, on the contrary to many other brands, the US only accounts for 8% of the revenues.

It has to be noted that the growth is mainly driven by the jewellery brands, Bvlgari in top position – as it “maintained its impressive momentum and continued to gain market share“. Chaumet also performed well over the year. Regarding the watch brands, most of the growth has been driven by Hublot that “achieved strong growth, driven by its Classic Fusion and Big Bang lines“. The two other brands, TAG Heuer and Zenith, are not in the best position and said to be currently under restructuration or “pursuing its creative resurgence” in the case of TAG. No words regarding their performances.

Bernard Arnault, however, mentions that “in a buoyant environment that remains uncertain in 2020, we continue to be vigilant and focused on our objectives for progress“. This, once again, confirms the uncertain outlook for 2020 regarding luxury and watchmaking.

More details on the 2019 Results of LVMH at

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