LVMHF - Bernard Arnault's Son Sets Sights On $30B Watch Market With High-End Reinvented Pieces After LVMH Restructuring | Benzinga
LVMH Moet Hennessy Louis Vuitton SE (OTC:LVMHF), the French multinational luxury goods conglomerate, is making a significant move in the global luxury watch market. The company has launched a new watch division and introduced a range of high-end models.
What Happened: LVMH is aiming to capture a larger share of the global luxury watch market, which is projected to reach $37 billion by 2032, according to a CNBC report. Market research firm IMARC Group estimates global luxury watch sales to reach approximately $30 billion this year. The company’s jewelry and watch division recorded sales of $11.8 billion in 2023, representing a 7% organic growth.
The luxury giant has 10 watch brands, including TAG Heuer, Hublot, and Zenith, along with fashion and jewelry brands such as Louis Vuitton, Bulgari, and Dior, which also produce watches.
Last month, the company appointed Frederic Arnault, the 29-year-old son of LVMH Chairman and CEO Bernard Arnault, as the CEO of LVMH Watches, which includes the TAG Heuer, Hublot, and Zenith brands.
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