Watches and Jewellery Drive LVMH Growth in H1
LVMH reported solid H1 2026 financial results, with sales increasing modestly by 2% to €33.6 billion and recurring operating profit reaching €8.7 billion, remaining flat compared with the same period last year. Growth in the Watches and Jewellery division accelerated, with sales rising from €5.09 billion to €5.23 billion year‑on‑year and the operating margin improving from 15% to 16%, supported by strong performance from Tiffany & Co. and Bulgari, as well as ongoing marketing initiatives for TAG Heuer, Hublot, and Zenith. The company highlighted a slight 3% growth acceleration in the second quarter, suggesting that the slowdown in luxury spending—exacerbated by the Middle East conflict—is easing. Bernard Arnault emphasized continued focus on margins and confidence in the long‑term potential of LVMH’s maisons, while the share price rose 1% on the day of the announcement, though it remains down 27% year‑to‑date.
Buying Time Analysis: The story highlights LVMH's solid H1 performance and growth in watches and jewellery, underscoring the resilience of luxury spending and the strategic importance of its high‑margin brands.
