Watch and jewellery sales at LVMH rose by 4% to €2.486 billion in the first nine months of 2016 compared to the same period last year.
The performance contributed to an overall increase in sales for the luxury goods group of 5% for the first three quarters of the year to €26.326 billion.
The result exceeded analyst expectations, prompting shares in LVMH to rise 5% and hit a 12 month high of €165.75 in early trading today (October 11).
Bvlgari was singled out by the company in a trading statement for gaining market share this year.
TAG Heuer also made great progress in a difficult market, benefiting particularly from the success of its new collections and its smartwatch, LVMH said.
Hublot continued the development of its iconic lines, Classic Fusion and Big Bang, the group added.
Geographical data was not provided for just the watch and jewellery division, but the company did comment on group sales by region. “Asia, excluding Japan, showed a significant improvement during the quarter. The United States remains well positioned, as does Europe, with the exception of France which continues to feel the impact of a decline in the number of tourists,” its report stated.
“LVMH’s results for the first half of 2016 reflect, more than ever, the strength of our business model, which allows us to continue to grow even during an unstable geopolitical environment and economic and monetary uncertainties,” said Bernard Arnault, chairman chief executive officer for LVMH.
“The diversity of our businesses, the entrepreneurial style of our brands and the agility of our organisation all contribute to the growth of the Group. By remaining vigilant, we face the second half of the year with confidence and count on the quality of our products and the talent of our teams to further strengthen our leadership in the world of high quality products in 2016,” he added.