LVMH Watch and Jewelry Revenue Down 5%

LVMH saw revenue from its watch and jewelry division slip by 5 per cent during the first nine months of 2024 to $8.2bn.

Across all its 75 maisons the French luxury conglomerate reported a 2 per cent dip for the same period, to $66.1bn.

LVMH said it had shown “good resilience” and that it remained confident in an uncertain economic and geopolitical environment

It said it would “maintain a strategy focused on continuously enhancing the desirability of its brands, drawing on the authenticity and quality of its products, excellence in distribution and agile organization.”

LVMH’s eight watch and jewlery brands – Bvlgari, Chaumet, Fred, Hublot, Repossi, Tag Heuer, Tiffany & Co and Zenith – generated a total of $11.8bn in 2023. The company does not provide a brand-by-brand earnings breakdown.

It said the third quarter decline in revenue across all LVMH brands was largely due to a stronger yen and lower growth in Japan.

Source: DCLA

US Customs Seize $10m of Counterfeit Jewelle

Three separate shipments of counterfeit jewelry with a combined value of more than $10m (if genuine) were seized entering the US in a 24-hour period.

A total of 2,387 items fraudulently branded with Van Cleef and Arpels, Louis Vuitton, Hermes, Gucci, Dior, Prada, Bvlgari and Cartier trademarks, among others, were intercepted by U.S. Customs and Border Protection (CBP) officers at the Port of Louisville, in Kentucky.

All three shipments came from China, were uninsured and were imported under “de minimis regulations” which permit the entry of tax-free merchandise with a retail value under $800.

The first shipment, worth over $5m if genuine, was addressed to a private home in residence in Brooklyn, New York. The other two were due to be delivered to separate residential addresses in Miami, Florida.

“Every day CBP officers are seizing these fraudulent de minimis shipments sent by bad actors,” said LaFonda D. Sutton-Burke, Director, Field Operationsat CBP’s Chicago Field Office.

“Criminals are trying to exploit the mail environment by peddling their counterfeit products.”

Source: DCLA