LVMH’s Watches & Jewelry segment is growing, but its latest results do not show whether watches contributed to that performance. The group reported €7.725 billion in segment revenue for the first nine months of 2026, up 8% organically, while explicitly saying the increase was driven by jewelry. No watch-only revenue, profit or growth rate was provided for TAG Heuer, Hublot, Zenith or the other maisons.
What LVMH reported for Watches & Jewelry
LVMH’s official third-quarter 2026 release combines watches and jewelry in one business group. That presentation gives a clear view of the segment’s size and total trend, but not of its internal mix.
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| Period | Revenue | Reported growth | Organic growth | What is disclosed |
|---|---|---|---|---|
| First half 2026 | €5.225 billion | +3% | +9% | Q2 organic growth was +11% |
| Third quarter 2026 | €2.500 billion | Not stated in the release | +6% | Quarterly segment figure in LVMH’s appendix |
| First nine months 2026 | €7.725 billion | Not stated in the release | +8% | LVMH says growth was driven by jewelry |
The nine-month total reconciles with the first-half and third-quarter figures. LVMH also reported €831 million in first-half profit from recurring operations for the combined segment, up 9%. That is a segment profit figure, not a watch-business result.
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For group context, LVMH’s third-quarter revenue was €18.5 billion. WatchPro’s reading of the release put Watches & Jewelry at approximately €2.3 billion for the quarter, whereas LVMH’s own appendix lists €2.500 billion. The company’s appendix is the more precise disclosed segment figure.
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The release says jewelry drove the increase
LVMH’s central sentence is unusually explicit: “The Watches & Jewelry business group recorded organic revenue growth of 8% in the first nine months of 2026, driven by the very good performance in jewelry.” The detailed examples that follow are overwhelmingly jewelry-led.
Tiffany & Co.
LVMH highlighted Tiffany’s HardWear, Knot and Sixteen Stone lines, store renovation work and its Blue Book high-jewelry collection. These are useful indicators of jewelry activity, but they do not identify any contribution from watches.
Bvlgari
Bvlgari’s Eclettica high-jewelry and prestige-watch line was described as generating record-breaking revenue. Because the line contains both categories, the statement does not reveal how much came from watches. Serpenti received a campaign push, again without a watch-only sales figure.
Chaumet
LVMH cited the development of the Bee de Chaumet collection. That is another jewelry operating detail rather than evidence about watch sell-through, pricing or margins.
What LVMH says about its watch maisons
The watch-specific disclosure in the Q3 release is limited to this sentence: “In watches, TAG Heuer enjoyed a high-profile presence at the Grand Prix races of Formula 1, in particular as Title Partner in Madrid.” It describes visibility and marketing exposure, not revenue, unit demand, operating profit or market share.
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WatchPro’s Rob Corder wrote on October 14, 2026 that this Formula 1 reference was the only mention of LVMH’s watch business in the Q3 press release and called the limited commentary notable. National Jeweler’s first-half coverage identifies TAG Heuer, Hublot and Zenith as the portfolio and notes new Big Bang limited editions plus new G.F.J. and Chronomaster models, but it also reports no standalone financial results for those brands.
What the public numbers cannot answer
- There is no watch-only revenue figure for the first half, third quarter or first nine months of 2026.
- No release cited here provides a watch-only organic or reported growth rate.
- LVMH does not disclose separate watch profit, margin or profit growth for TAG Heuer, Hublot, Zenith or the other maisons.
- The combined €831 million first-half operating profit cannot be allocated between watches and jewelry from the published information.
- The +8% nine-month organic figure cannot be used to calculate a growth rate for any individual watch brand.
That means readers cannot determine from these results whether watches grew faster than jewelry, matched it, declined while jewelry expanded, or contributed only a small portion of the increase.
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Reported growth versus organic growth
The distinction matters when comparing LVMH’s figures. Reported growth reflects the figures as consolidated in euros, while organic growth is intended to show the underlying change after adjustments such as currency effects and changes in the scope of consolidation. In the first half, Watches & Jewelry rose 3% on a reported basis but 9% organically; Q2 organic growth was 11%. Those percentages describe the combined segment and should not be read as watch-brand rates.
For the third quarter, LVMH reported €2.500 billion in segment revenue and 6% organic growth. The release does not provide a corresponding reported-growth percentage for that quarter. The nine-month organic rate eased to 8%, but the company gives no category split explaining how much of that movement came from watches.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is this evidence that LVMH hid watch performance?
The releases do not establish intent, so “hidden” would go beyond the evidence. They do establish a disclosure gap. LVMH reports watches and jewelry as one business group, then attributes nine-month growth to jewelry and supplies detailed jewelry examples while offering only a Formula 1 marketing reference for watches.
That structure is enough to show that the combined business is healthy. It is not enough to judge the operating performance of the watch portfolio. A strong segment total can coexist with very different results among its categories, and the published figures do not distinguish those outcomes.
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Luxury watches have different demand cycles, inventory dynamics and promotional signals from high jewelry. A racing partnership, a limited edition or a product launch can demonstrate brand activity without proving that sell-through or profitability improved. Without brand-level revenue or margin data, readers cannot test whether TAG Heuer’s Formula 1 exposure translated into sales, whether Hublot’s limited editions expanded the business, or how Zenith’s new models performed.
The omission also limits comparisons across reporting periods. Analysts can track the €7.725 billion segment and its organic growth, but they cannot construct a reliable time series for watches alone. Any attempt to assign the +8% rate to TAG Heuer, Hublot, Zenith or the watch category as a whole would be an inference unsupported by LVMH’s disclosure.
What to look for in the full-year results
LVMH’s full-year 2026 release should be checked for any additional category commentary, maison-level figures or changes to the reporting format. Unless the company publishes a watch-only revenue, margin or growth measure, the defensible conclusion will remain the same: Watches & Jewelry is expanding as a combined segment, with jewelry identified as the principal driver, while watch performance remains unquantified.
Bernard Arnault said in LVMH’s first-half release that “LVMH demonstrated its solidity and effective strategy.” The group’s aggregate numbers support that broad statement. They do not, however, provide the evidence needed to evaluate the watch maisons separately.
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