LVMH H1 2026: Watches & Jewellery Drives 9% Organic Growth as Tiffany and Bulgari Lead Luxury Recovery

LVMH Group: Key H1 2026 Financials

LVMH's group-level results showed resilience in a still-challenged global luxury environment. Profit from recurring operations came in at €8.7 billion, and the operating margin remained high at 22.5%. Free cash flow rose 2% to €4.1 billion, while the group's share of net profit held steady at €5.7 billion . Currency headwinds weighed on reported figures — revenue fell 3% on a reported basis — but organic growth of 2% (accelerating to 3% in Q2) underlined improving underlying momentum .

Watches & Jewellery Division: H1 2026 Performance

The Watches & Jewellery business group was LVMH's fastest-growing division in the first half of 2026. Key metrics include:

• H1 revenue: €5.23 billion (+3% reported, +9% organic)
• Q2 organic growth: +11%, the strongest quarter for any LVMH division
• Recurring operating profit: €831 million, up 9% from H1 2025
• Growth drivers: High jewellery, iconic collections, and broad-based demand across the U.S., Asia, and Japan

Importantly, the operating margin within the division improved over the six-month period, indicating that growth was not driven by discounting but by continued appetite for high-value products .

Tiffany & Co.: Specific Metrics and Strategic Initiatives

Tiffany & Co. was the standout performer within the division. LVMH CEO Bernard Arnault noted that the brand's strategic pivot from silver toward gold and high jewellery is "paying off" .

Collection-specific growth:

• The Knot collection grew approximately 50% year-on-year in H1 2026
• The HardWear collection grew approximately 75% year-on-year over the same period
• The 2026 Blue Book "Hidden Garden" high jewellery collection drove additional gains

Store renovation: Approximately 40% of Tiffany's global boutique fleet has been renovated to date, part of a comprehensive brand upgrade that LVMH CFO Cécile Cabanis described as a "transformation agenda" that is "bearing fruits," with iconic collections strengthening "quarter after quarter" .

New brand ambassador: Actress Natalie Portman was appointed as Tiffany's new global ambassador, backed by a dedicated marketing campaign .

Bulgari: Specific Metrics and Initiatives

Bulgari matched Tiffany's momentum, particularly in high jewellery and prestige watchmaking.

• The Eclettica high jewellery and watch collection launched in H1 2026 and posted record-breaking revenue
• Iconic lines including Serpenti, Diva, and B.zero1 were highlighted as particularly successful
• The new Vimini collection also performed well
• Bulgari strengthened its prestige watchmaking positioning alongside its high-jewellery heritage

New brand ambassadors: Bulgari named pop star Dua Lipa and actor Jake Gyllenhaal as brand ambassadors earlier in 2026, signalling continued investment in global marketing .

Broader Luxury Recovery Context

The Watches & Jewellery division's acceleration in Q2 reflects a broader improvement in luxury demand:

• United States: Growth accelerated in H1, with U.S. luxury shoppers a key driver of LVMH's Q2 rebound
• Asia (excluding Japan): Confirmed an improvement in trends that began in H2 2025
• Japan: Posted growth for the half
• Europe: Showed good resilience

The division's Q2 organic growth of 11% — a significant acceleration from earlier quarters — indicated renewed appetite for high-end jewellery and watches after a period of softer demand . LVMH emphasised "brand-led desirability" and creative renewal over short-term volume, a strategy Arnault credited for the group's solidity and improved momentum .