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Calibre11
·The 2019 LVMH results are out today- a few tidbits on TAG Heuer.
https://www.lvmh.com/news-documents/press-releases/record-results-for-lvmh-in-2019/
Under Group Highlights, it's noted that it was a "Excellent year for Bvlgari and continued growth at Hublot"- no mention of TAG Heuer.
Here is the watches section:
Watches and Jewelry: strong growth at Bvlgari and continued repositioning of TAG Heuer
The Watches and Jewelry business group recorded organic revenue growth of 3%. Profit from recurring operations were up 5%. The agreement with Tiffany & Co was a strategic highlight of the year. Bvlgari continued to perform very well and to strongly increase its market share. High jewelry and the iconic lines Serpenti, B.Zero 1 and Diva’s Dream were enriched with many new products and the Fiorever collection, launched at the end of 2018, combining flowers and diamonds, contributed significantly to growth. In watchmaking, the Serpenti Seduttori watch was exceptionally well received. Chaumet’s growth was driven by the success of its iconic collections. In early 2020, the Maison will inaugurate its completed renovated iconic site on Place Vendôme. As distribution evolves rapidly within the watchmaking sector, TAG Heuer continued to work with its partners to provide an increasingly selective and efficient distribution network, while pursuing its creative resurgence. Hublot recorded strong growth, driven by the Classic Fusion, Big Bang and Spirit of Big Bang lines. The first LVMH Watch exhibition at the Bvlgari Hotel in Dubai was a great success.
My interpretation of this is:
- TAG Heuer performance was nothing special in 2019, which would make sense given that it was a year of change at a management level
- TAG Heuer is looking to close down some of its lower performing retail channels ("increasingly selective")
- Not clear what the "Continued Repositioning" is.
I also note there is no mention of Zenith.
2020 is the first year of the new team, so we'll know a lot more post-Basel
https://www.lvmh.com/news-documents/press-releases/record-results-for-lvmh-in-2019/
Under Group Highlights, it's noted that it was a "Excellent year for Bvlgari and continued growth at Hublot"- no mention of TAG Heuer.
Here is the watches section:
Watches and Jewelry: strong growth at Bvlgari and continued repositioning of TAG Heuer
The Watches and Jewelry business group recorded organic revenue growth of 3%. Profit from recurring operations were up 5%. The agreement with Tiffany & Co was a strategic highlight of the year. Bvlgari continued to perform very well and to strongly increase its market share. High jewelry and the iconic lines Serpenti, B.Zero 1 and Diva’s Dream were enriched with many new products and the Fiorever collection, launched at the end of 2018, combining flowers and diamonds, contributed significantly to growth. In watchmaking, the Serpenti Seduttori watch was exceptionally well received. Chaumet’s growth was driven by the success of its iconic collections. In early 2020, the Maison will inaugurate its completed renovated iconic site on Place Vendôme. As distribution evolves rapidly within the watchmaking sector, TAG Heuer continued to work with its partners to provide an increasingly selective and efficient distribution network, while pursuing its creative resurgence. Hublot recorded strong growth, driven by the Classic Fusion, Big Bang and Spirit of Big Bang lines. The first LVMH Watch exhibition at the Bvlgari Hotel in Dubai was a great success.
My interpretation of this is:
- TAG Heuer performance was nothing special in 2019, which would make sense given that it was a year of change at a management level
- TAG Heuer is looking to close down some of its lower performing retail channels ("increasingly selective")
- Not clear what the "Continued Repositioning" is.
I also note there is no mention of Zenith.
2020 is the first year of the new team, so we'll know a lot more post-Basel
