LVMH just posted its results for 2013, showing slow growth overall. Sales at its watch and jewellery division were flat, though profit was up.

The world’s largest luxury group LVMH Moët Hennessy Louis Vuitton saw revenues rise 4% in 2013, a slowdown after years of double digit growth. Its best performing division, and the only one with double digit growth, was duty free retailer DFS, which saw sales rise 13%. Watch and jewellery sales fell 2% on an actual basis, but rose 4% based on constant exchange rates, meaning sales were essentially flat. Nonetheless, profit at the watch and jewellery division, which mainly comprises Bulgari, TAG Heuer, Hublot and Zenith, was up 12% compared to the year before. These results come just a few days after a management shake-up at its watch and jewellery division.  These figures provide some evidence that after years of strong growth, the slowdown in luxury watchmaking is upon the industry, as discussed in our editorial, “Are watches too expensive?“. More details on its 2013 financials are available from LVMH.