LVMH Restores Its Luster: How Jewelry and US Shoppers Are Saving the Luxury Giant

According to a new report published on Monday, the luxury giant's revenue for the first half of 2026 reached nearly $44 billion (€38.6 billion). The second quarter also delivered strong results, with sales growing 3% over the period. As LVMH is traditionally considered the bellwether of the luxury industry, this report suggests that the sector is beginning a slow recovery despite geopolitical turbulence, rising gold prices, and a recent market lull, Robb Report writes.

The primary growth engine came from American consumers: wealthy US shoppers actively bought up apparel, footwear, and leather goods during the second quarter. Sales in LVMH's Fashion & Leather Goods division rose by 1%—a modest figure, but a symbolic one, as it marks the sector's first growth in two years, WWD reports. This uptick is attributed in part to Jonathan Anderson's debut collections for Christian Dior, alongside the opening of new Louis Vuitton flagship stores in Beijing and Seoul.

Meanwhile, watches and jewelry completely outshone all other categories in the conglomerate's portfolio. Q2 sales for this division surged by 11%, driven by the success of brands such as TAG Heuer, Tiffany & Co., and Hublot. The Wines & Spirits segment also brought welcome news: brands like Ardbeg and Chandon helped boost quarterly sales by 5%, a result that stands out against the backdrop of a global crisis in the alcohol industry that has seen distilleries closing worldwide.

"LVMH has demonstrated the resilience and effectiveness of its strategy. Our Houses, which have maintained their focus on uncompromising quality and are undergoing a creative renewal, continue to inspire and remain desirable," declared the conglomerate's CEO, Bernard Arnault.

Today, it is jewelry that is driving trends across the entire luxury sector, as shoppers increasingly favor sparkling gems over handbags and apparel. Strong demand for jewelry is helping fashion conglomerates navigate the broader market slowdown.

A prime example is LVMH's chief rival, the Richemont group (owner of Cartier and Van Cleef & Arpels). In the first quarter, its jewelry sales climbed 24%, marking seven consecutive quarters of growth. The company also posted impressive full-year revenue of $26 billion, with $19.2 billion stemming directly from its jewelry division.

Other luxury houses will reveal their quarterly earnings this week, offering an even clearer picture of where the world's wealthiest individuals are choosing to spend their money today.