Bulgari too saw a lift, even as the wider category slowed.
LVMH’s jewellery and watch division faced a slight setback in the third quarter, with revenue easing 3% year on year to EUR 2.32 billion (USD 2.7 billion). For the first nine months of 2025, category sales slipped 2% to EUR 7.41 billion (USD 8.61 billion).
Amid this slowdown, Tiffany & Co. and Bulgari emerged as bright spots. Tiffany delivered double-digit growth across its signature lines, fuelled by a surge in high jewellery sales and the success of its newly renovated stores. The brand also celebrated strong performances at its freshly opened boutiques in Milan and Tokyo, both attracting heavy footfall and robust sales.
Bulgari continued to perform well in high jewellery, maintaining momentum through the third quarter. While Tiffany showed encouraging recovery in China, progress for Bulgari and other maisons in the region remained more gradual.
Overall, LVMH’s group revenue declined 4% to EUR 18.28 billion (USD 21.25 billion) for the third quarter and reached EUR 58.09 billion (USD 67.52 billion) for the nine-month period ending 30 September.