TAG Heuer had its greatest yr but in 2023, based on its dad or mum firm LVMH’s monetary report.
The French luxurious group posted gross sales of 86.2 billion euros, up 13% at fixed trade charges, with all divisions besides Wines & Spirits reporting rising gross sales and income.
Gross sales of watches and jewellery, the place Bulgari and Tiffany dwarf watchmakers specializing in TAG Heuer, Hublot and Zenith, rose 7%.
On the finish of final yr, important adjustments occurred inside the management groups of LVMH’s watch homes.
Frédéric Arnault, who grew to become CEO of TAG Heuer in 2020, has been named CEO of a newly shaped LVMH watch enterprise liable for Hublot, TAG Heuer and Zenith.
Will probably be fascinating to see how this enterprise develops in isolation from the group’s jewellery giants.
He reviews to Stephane Bianchi, CEO of the LVMH Watches & Jewellery Division, which additionally homes the mighty Bulgari.
Julien Tornare, CEO of Zenith since 2017, now heads TAG Heuer.
LVMH signaled cautious optimism for the approaching yr.
“Whereas the geopolitical and macroeconomic setting stays unsure, LVMH is assured that the corporate can proceed to develop in 2024, that its merchandise will ship excellent high quality and creativity to its clients, and that the professionalism of its administration will differentiate it. “and achieve market share,” the corporate mentioned in a press release on its 2023 outcomes.
LVMH shares rose 5% on the information. The outcomes and optimistic outlook for 2024 have additionally boosted confidence in different luxurious firms: Swatch Group’s share worth rose 2.5% right now.
