Time for Watches to Be Big Business
Filed in archive Watches by tammy on March 8, 2006
JCK Group reports on one of the largest industry jewelry and watch power-houses: "LVMH, Moët Hennessy Louis Vuitton, said its profit for 2005 totaled $3.3 billion, a 16 percent increase over the previous year. Revenue for the year rose 11 percent to $16.8 billion.
The world's leading luxury products group attributed the performance to strong growth in all business groups and geographic regions, adding that the increase "is more noteworthy in view of the continued high negative impact caused by exchange rates
in 2005." At constant exchange rates, the group's profit from recurring operations would have increased by 22 percent.
The Paris-based company's share of net profit increased by 21 percent compared to 2004, which was also a year of very strong growth. It attributed the increase to improved operating profitability and the reduction in financial expenses brought about by decreased levels of debt.
The Watches & Jewelry business division recorded a five-fold increase in profit to $45.6 million based on the success of the iconic lines and strong innovation, LVMH said."
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