Kering, further along in its own turnaround, told a smaller version of the same story back in Q1. Its jewellery division, Boucheron and Pomellato among them, grew 22% on a comparable basis while the group\u2019s core Fashion & Leather Goods fell 3% and total group revenue sat flat. Kering\u2019s H1 figures aren\u2019t out yet, so this is a Q1-to-H1 comparison across the three groups rather than a perfectly matched set, worth flagging plainly. But the direction is identical in all three cases: jewellery outrunning the rest of the portfolio, by a wide margin, at the same time.<\/p>\n
One group\u2019s numbers could be execution. Two could be coincidence. Three groups that don\u2019t talk to each other, all showing the same divergence at once, is the market talking.<\/p>\n
Inside LVMH, Tiffany and Bvlgari Are Both Doing the Work<\/p>\n
![\"Tiffany](\"https:\/\/www.europesays.com\/france\/wp-content\/uploads\/2026\/06\/Tiffany-and-co-Hardwear-neclace.jpg\")
Tiffany and Co. HardWear black titanium, platinum, and diamond necklace \u2013 CREDIT: Tiffany and Co.<\/p>\n
The obvious read is Tiffany. Its turnaround has been loud and well covered. But LVMH\u2019s CFO, C\u00e9cile Cabanis, was clear on the H1 call that it isn\u2019t a single-brand story. Sixty percent of Tiffany\u2019s business is now what she called the \u201ctransformed\u201d side, built around icon lines, and it\u2019s growing far faster than what remains of the legacy silver business, which is still shrinking. HardWear<\/a> alone is up around 75% year on year.<\/p>\n Knot is close behind, near 50%. That\u2019s not a brand steadying itself. That\u2019s a brand where the new business has to outrun a shrinking old one just to post the group-wide number LVMH reported.<\/p>\n Bvlgari isn\u2019t riding on Tiffany\u2019s momentum either. Cabanis described Bvlgari and Tiffany as both growing in the mid-teens in Q2, and Bvlgari\u2019s growth was spread evenly across regions rather than concentrated in one market. Its March launch, Eclettica<\/a>, a high jewellery collection built around 128 new designs, has since gone on to post record revenue for the line. Chaumet, smaller again, grew off the continued expansion of Bee de Chaumet.<\/p>\n None of this is best read as constant reinvention for its own sake. Eclettica extends Bvlgari\u2019s own codes into new pieces rather than departing from them. Bird on a Pearl, one of Tiffany\u2019s high jewellery launches this year<\/a>, does the same with Jean Schlumberger\u2019s archive for the house. The growth is coming from newness, but newness built on decades-old house language, which is a different thing entirely from newness for its own sake.<\/p>\n Leadership at Bulgari changed hands, and the real story is what stayed the same<\/p>\n Laura Burdese became Bvlgari\u2019s CEO on 1 July, moving up from deputy CEO, a role she\u2019d held since July 2024. This was telegraphed two years in advance, and it\u2019s worth resisting the temptation to read drama into the timing.<\/p>\n The more interesting structural detail is what Jean-Christophe Babin kept. He remains chairman of Bvlgari\u2019s board, CEO of Bulgari Hotels, president of the Bvlgari Foundation, and head of LVMH\u2019s group-wide Watches division. LVMH has, in effect, split the jewellery operating job at Bvlgari from the watch group job that sits above it. For a group whose watches business is still slightly negative even as jewellery accelerates, that\u2019s a structural signal worth more attention than the succession headline itself.<\/p>\n On pricing, Cabanis got ahead of the obvious question<\/p>\n The standard follow-up to any luxury beat this year is whether it\u2019s really volume, or price dressed up as demand. Cabanis addressed it directly on the call, cautioning analysts to \u201cbe careful when you look at it on the face value,\u201d since the price increases were confined to specific ranges and specific products rather than applied broadly, with real volume growth underneath.<\/p>\n Worth treating that answer with some care rather than taking it as settled. Richemont, in its own July release, explicitly flagged elevated raw material costs, and jewellery is the most metal-exposed category in luxury: gold and platinum price moves alone can flatter reported revenue growth without any change in unit volumes. Neither LVMH nor Richemont discloses a volume-price split by individual Maison, so Cabanis\u2019s answer, however candid, isn\u2019t independently verifiable from the outside. It\u2019s the CFO\u2019s own account of the one number that could undercut her own narrative, and it deserves to be printed as exactly that.<\/p>\n There\u2019s also a comps point worth making plainly, because it cuts in jewellery\u2019s favour rather than against it. Fashion & Leather Goods\u2019 return to growth this half is a return from a genuinely weak base, roughly seven straight quarters of weak, often negative growth behind it. Jewellery\u2019s growth, at both LVMH and Richemont, is compounding on top of prior periods that were already strong. Growing off a strong base is a harder thing to do than growing off a weak one, and it\u2019s the more impressive number of the two.<\/p>\n What this means for the trade<\/p>\n Set LVMH, Richemont and Kering\u2019s numbers side by side and the picture holds across all three: jewellery divisions built on longstanding icon lines are outperforming the fashion and leather goods businesses that have carried these groups\u2019 identities for decades. The growth engine right now isn\u2019t speed to market. It\u2019s depth in a small number of ideas, held and refreshed over decades, arriving at the moment fashion\u2019s core categories are struggling to find their footing.<\/p>\n For brands without that inventory of owned silhouettes to draw on, that\u2019s the harder read in all this. It\u2019s a much slower asset to build than a good season, and all three groups were quietly building it long before it started showing up in the numbers this clearly.<\/p>\n Sources: LVMH\u2019s H1 2026 results and earnings call, 27 July. Richemont\u2019s Q1 FY27 trading update, 15 July. Kering\u2019s Q1 2026 results, 14 April, the most recent Kering has published, so that comparison sits a quarter behind the other two.<\/p>\n Further reading:<\/p>\n The Franchise Effect: Why One Jewellery Idea Wins<\/a><\/p>\n