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LVMH Watches & Jewelry posts 6% organic growth in Q3

The group's combined watch and jewellery division beat overall organic growth in the third quarter, but LVMH offers no watch-only sales figure.

Hen & Mills Editorial · 3 min read · 13 October 2026

Luxury results are especially easy to misread when a watchmaker sits inside a much bigger group. A busy Formula 1 paddock can make a watch brand feel ubiquitous, while a jewellery house can quietly do the heavier commercial work. LVMH's report for the nine months to September 2026 offers exactly that sort of distinction: its Watches & Jewelry division is growing, but the group says jewellery is driving the result. That matters more than the headline percentage if we want to understand what the numbers actually say about watches.

Six per cent in the quarter, across two trades

According to LVMH's 12 October revenue release, Watches & Jewelry recorded six per cent organic revenue growth in the third quarter against the same quarter of 2025. The group's total organic growth was one per cent. Selective Retailing rose eight per cent, Wines & Spirits six per cent, Perfumes & Cosmetics one per cent, while Fashion & Leather Goods fell five per cent. Watches and jewellery therefore stood among the better-performing parts of the group, even as its largest fashion division went backwards.

The combined division brought in €2.5 billion during the quarter, against €2.319 billion a year earlier, LVMH's quarterly appendix shows. Across the first nine months, it reported €7.725 billion, up from €7.409 billion in 2025. That is four per cent reported growth and eight per cent organic growth over the nine-month period. The difference is a useful reminder that organic percentages adjust for changes in currency and the make-up of the group; they are not the same thing as dividing one euro total by another.

Jewellery carries the explanation

Here is the limit on a watch-site headline: LVMH does not split watches from jewellery in this release. It explicitly attributes the division's strong nine-month organic growth to jewellery. The company highlights Tiffany & Co.'s established lines and shop renovations, as well as Bvlgari's Eclettica collection of high jewellery and prestige watches. It says Eclettica generated record revenue, but gives no number for that collection and no watch-only sales figure. A claim that TAG Heuer, Hublot or Zenith grew by eight per cent would go beyond what LVMH has published.

TAG Heuer does appear in the commentary, though in a different register. LVMH points to its visibility at Formula 1 races, particularly its title partnership in Madrid. That establishes a marketing presence, not the amount it sold. The distinction is dull only until somebody treats sponsorship exposure as a revenue line. The report gives us a precise divisional result and a much less precise view of the watch businesses inside it, and the honest reading keeps those two levels apart.

LVMH also says the United States, Europe and Japan saw good growth in the third quarter while the environment in China was less buoyant. Those are group-wide observations. The release does not assign a regional performance figure to the watches and jewellery division, so it cannot tell us where a particular watch brand gained or lost ground. For an Australian reader, there is no local sales or pricing breakdown either. This is an investor update about the group's mix, rather than a retail map of the watches we can buy here.

The useful signal beneath the big number

What the figures do show is that the combined category held up better than LVMH as a whole in this quarter, and that its nine-month organic growth exceeded the group's two per cent. The quarterly chart makes the contrast visible; the accompanying revenue comparison shows how the euro totals moved from quarter to quarter. Neither picture can isolate watches, because the underlying report does not. That is an analytical boundary, not an invitation to fill the gap with a guess.

I find the restraint worthwhile. There is a temptation in watch coverage to borrow a conglomerate's strongest division and award the victory to whichever watch brand was most visible that month. LVMH has told us something narrower and more useful: jewellery is doing much of the lifting in a business that also houses important watchmakers. Until it publishes watch-only figures, the sound conclusion is that the division grew, while the watches within it remain an open question.