Watches & JewelryNarrow moat

LVMH (MC) — moat facet

Tiffany doubled the profit and has not yet held the margin it briefly reached.

Watches & Jewelry is the group LVMH bought its way into. It brought in €10,486 million of revenue in 2025 and €1,514 million of profit from recurring operations, a margin of about 14.4%.12

Watches & Jewelry revenue (€bn)€3.5bn2016€3.8bn2017€4.1bn2018€4.4bn2019€3.4bn2020€9.0bn2021€10.6bn2022€10.9bn2023€10.6bn2024€10.5bn2025LVMH annual results releases 2017-2025 and 2023 URD; Tiffany from 2021
Tiffany more than doubled the group in one year; it has been flat since 2022.

It holds Tiffany, Bvlgari, Chaumet and TAG Heuer, among others.3 The maisons ran 958 directly operated stores at the end of 2024 and also sell through carefully chosen multi-brand retailers.4

Its size is mostly one acquisition. Revenue was €3,468 million in 2016 and €3,356 million in 2020; LVMH completed the purchase of Tiffany for about $15.8 billion in January 2021, and revenue that year was €8,964 million.5678 Profit went from €302 million in 2020 to €1,679 million in 2021 and peaked at €2,162 million in 2023, a margin of 19.8%.91011

Since the peak, growth has been uneven. Revenue fell 2% organically in 2024 and rose 3% in 2025, and profit fell to €1,546 million and then €1,514 million.1213 The margin fell from 19.8% to 14.6% in 2024, below the 16.7% the group earned in 2019, before Tiffany.141516

Asia outside Japan was 29% of its 2024 revenue, against 34% the year before, and the United States 24%.17

It is the fastest-growing group in 2026. Revenue was €5,225 million in the first half, up 9% organically and 11% in the second quarter, and profit rose 9% to €831 million, a margin of about 15.9% against 15.0%.1819 LVMH credits Tiffany's Knot and HardWear lines and its renovated stores, and Bvlgari's new high jewelry.20

The verdict: the Tiffany purchase doubled the group's profit, from €736 million in 2019 to €1,514 million in 2025, and has not yet held the margin it reached.2122 The number to watch is that margin: back above 19% would show the rebuild paying; stuck near 15% would say LVMH paid for revenue rather than profitability.

Moat trajectory: Widening

Organic growth of 9% in H1 2026 and 11% in Q2, with the margin up from 15.0% to 15.9%.

The number that tests this moat
Reported
Watches & Jewelry revenue, latest quarter
€2,782M in Q2 2026, +11% organic

The fastest-growing group; if growth slows while the margin stays near 15%, the Tiffany rebuild has stalled.

Source: LVMH first-half 2026 results release ↗
References
  1. ReportedIt brought in €10,486 million of revenue in 2025 and €1,514 million of profit from recurring operations, a margin of about 14.4%.
    LVMH 2025 annual results release - revenue by business group with organic change, profit from recurring operations by business group, and business-group commentary, 2024 and 2025 — FY2024-FY2025 · publ. January 2026 · source ↗
  2. Moat Explorer calcIt brought in €10,486 million of revenue in 2025 and €1,514 million of profit from recurring operations, a margin of about 14.4%.
    Moat Explorer calculation from LVMH's annual results releases 2017-2025, the 2023 and 2024 URDs and the H1 2026 release: operating margins, shares of group profit and revenue, compound growth rates — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedIt holds Tiffany, Bvlgari, Chaumet and TAG Heuer, among others.
    LVMH first-half 2026 results release - revenue by business group with organic change for the half and the second quarter, profit from recurring operations by business group, and business-group commentary — H1 2026 · publ. 27 July 2026 · source ↗
  4. ReportedThe maisons ran 958 directly operated stores at the end of 2024 and also sell through carefully chosen multi-brand retailers.
    LVMH 2024 Universal Registration Document - business-group sections: revenue, profit, operating margin, revenue by region, type of revenue, store networks, Wines & Spirits revenue split and volumes, Diageo joint ventures, organic change by business group — FY2022-FY2024 · publ. March 2025 · source ↗
  5. ReportedRevenue was €3,468 million in 2016 and €3,356 million in 2020; LVMH completed the purchase of Tiffany for about $15.8 billion in January 2021, and revenue that year was €8,964 million.
    LVMH 2017 annual results release - revenue and profit from recurring operations by business group, 2016 and 2017 — FY2016-FY2017 · publ. January 2018 · source ↗
  6. ReportedRevenue was €3,468 million in 2016 and €3,356 million in 2020; LVMH completed the purchase of Tiffany for about $15.8 billion in January 2021, and revenue that year was €8,964 million.
    LVMH 2020 annual results release - revenue by business group with organic change for the year and the fourth quarter, and profit from recurring operations by business group, 2019 and 2020 — FY2019-FY2020 · publ. January 2021 · source ↗
  7. ReportedRevenue was €3,468 million in 2016 and €3,356 million in 2020; LVMH completed the purchase of Tiffany for about $15.8 billion in January 2021, and revenue that year was €8,964 million.
    LVMH completion of the Tiffany & Co. acquisition (~$15.8B, January 2021) — January 2021 · publ. January 7, 2021 · source ↗
  8. ReportedRevenue was €3,468 million in 2016 and €3,356 million in 2020; LVMH completed the purchase of Tiffany for about $15.8 billion in January 2021, and revenue that year was €8,964 million.
    LVMH 2023 Universal Registration Document - revenue and profit from recurring operations by business group, 2021-2023 — FY2021-FY2023 · publ. March 2024 · source ↗
  9. ReportedProfit went from €302 million in 2020 to €1,679 million in 2021 and peaked at €2,162 million in 2023, a margin of 19.8%.
    LVMH 2020 annual results release - revenue by business group with organic change for the year and the fourth quarter, and profit from recurring operations by business group, 2019 and 2020 — FY2019-FY2020 · publ. January 2021 · source ↗
  10. ReportedProfit went from €302 million in 2020 to €1,679 million in 2021 and peaked at €2,162 million in 2023, a margin of 19.8%.
    LVMH 2023 Universal Registration Document - revenue and profit from recurring operations by business group, 2021-2023 — FY2021-FY2023 · publ. March 2024 · source ↗
  11. Moat Explorer calcProfit went from €302 million in 2020 to €1,679 million in 2021 and peaked at €2,162 million in 2023, a margin of 19.8%.
    Moat Explorer calculation from LVMH's annual results releases 2017-2025, the 2023 and 2024 URDs and the H1 2026 release: operating margins, shares of group profit and revenue, compound growth rates — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
  12. ReportedRevenue fell 2% organically in 2024 and rose 3% in 2025, and profit fell to €1,546 million and then €1,514 million.
    LVMH 2024 Universal Registration Document - business-group sections: revenue, profit, operating margin, revenue by region, type of revenue, store networks, Wines & Spirits revenue split and volumes, Diageo joint ventures, organic change by business group — FY2022-FY2024 · publ. March 2025 · source ↗
  13. ReportedRevenue fell 2% organically in 2024 and rose 3% in 2025, and profit fell to €1,546 million and then €1,514 million.
    LVMH 2025 annual results release - revenue by business group with organic change, profit from recurring operations by business group, and business-group commentary, 2024 and 2025 — FY2024-FY2025 · publ. January 2026 · source ↗
  14. ReportedThe margin fell from 19.8% to 14.6% in 2024, below the 16.7% the group earned in 2019, before Tiffany.
    LVMH 2024 Universal Registration Document - business-group sections: revenue, profit, operating margin, revenue by region, type of revenue, store networks, Wines & Spirits revenue split and volumes, Diageo joint ventures, organic change by business group — FY2022-FY2024 · publ. March 2025 · source ↗
  15. ReportedThe margin fell from 19.8% to 14.6% in 2024, below the 16.7% the group earned in 2019, before Tiffany.
    LVMH 2019 annual results release - revenue and profit from recurring operations by business group, 2018 and 2019 — FY2018-FY2019 · publ. January 2020 · source ↗
  16. Moat Explorer calcThe margin fell from 19.8% to 14.6% in 2024, below the 16.7% the group earned in 2019, before Tiffany.
    Moat Explorer calculation from LVMH's annual results releases 2017-2025, the 2023 and 2024 URDs and the H1 2026 release: operating margins, shares of group profit and revenue, compound growth rates — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
  17. ReportedAsia outside Japan was 29% of its 2024 revenue, against 34% the year before, and the United States 24%.
    LVMH 2024 Universal Registration Document - business-group sections: revenue, profit, operating margin, revenue by region, type of revenue, store networks, Wines & Spirits revenue split and volumes, Diageo joint ventures, organic change by business group — FY2022-FY2024 · publ. March 2025 · source ↗
  18. ReportedRevenue was €5,225 million in the first half, up 9% organically and 11% in the second quarter, and profit rose 9% to €831 million, a margin of about 15.9% against 15.0%.
    LVMH first-half 2026 results release - revenue by business group with organic change for the half and the second quarter, profit from recurring operations by business group, and business-group commentary — H1 2026 · publ. 27 July 2026 · source ↗
  19. Moat Explorer calcRevenue was €5,225 million in the first half, up 9% organically and 11% in the second quarter, and profit rose 9% to €831 million, a margin of about 15.9% against 15.0%.
    Moat Explorer calculation from LVMH's annual results releases 2017-2025, the 2023 and 2024 URDs and the H1 2026 release: operating margins, shares of group profit and revenue, compound growth rates — FY2016 to H1 2026 · publ. 2026-09-23 · source ↗
  20. ReportedLVMH credits Tiffany's Knot and HardWear lines and its renovated stores, and Bvlgari's new high jewelry.
    LVMH first-half 2026 results release - revenue by business group with organic change for the half and the second quarter, profit from recurring operations by business group, and business-group commentary — H1 2026 · publ. 27 July 2026 · source ↗
  21. ReportedThe verdict: the Tiffany purchase doubled the group's profit, from €736 million in 2019 to €1,514 million in 2025, and has not yet held the margin it reached.
    LVMH 2019 annual results release - revenue and profit from recurring operations by business group, 2018 and 2019 — FY2018-FY2019 · publ. January 2020 · source ↗
  22. ReportedThe verdict: the Tiffany purchase doubled the group's profit, from €736 million in 2019 to €1,514 million in 2025, and has not yet held the margin it reached.
    LVMH 2025 annual results release - revenue by business group with organic change, profit from recurring operations by business group, and business-group commentary, 2024 and 2025 — FY2024-FY2025 · publ. January 2026 · source ↗
Sources
Generated September 23, 2026