Tiffany high jewelry growth is reshaping the finances of its French parent, with LVMH’s watches and jewelry division posting 9% revenue growth in the first half of 2026 and chief executive Bernard Arnault singling out the American brand as the primary engine behind the result.
The division brought in €5.225 billion for the six months ended June 2026, up from €5.090 billion in the equivalent period a year earlier, according to LVMH’s H1 2026 results release. Organic growth accelerated as the period progressed: the division grew 9% for the half year as a whole, with the second quarter alone delivering organic growth of 11%. Profit from recurring operations in the division rose to €831 million, up from €762 million in the first half of 2025.
Arnault, speaking on a Monday earnings call, pointed to Tiffany, which LVMH acquired for $15.8 billion in 2020, as a standout performer. Finance chief Cécile Cabanis added that the HardWear collection had grown by about 75% and the Knot collection by about 50% over the past six months.
Tiffany high jewelry growth: a deliberate pivot from silver
LVMH announced in January that Tiffany was moving away from its traditional silver products and committing to gold and high jewelry, where demand was stronger. The shift is now quantifiable: Tiffany’s high jewelry revenue has tripled over four years, while silver product sales have declined by more than a third since LVMH took ownership of the brand, according to remarks made on an LVMH Q4 2025 earnings call.
The brand has been pushing across several high-jewelry lines simultaneously. The Bird on a Rock collection has been among its strongest performers alongside HardWear and Knot. The Blue Book Sea of Wonder high jewelry line posted record-breaking sales and won two awards at the Grand Prix de la Haute Joaillerie in Monaco, according to Rubel & Ménasché. Tiffany’s bet on high jewelry was also paying off, Arnault said.
Arnault has stated that Tiffany is on a trajectory that could make it the world’s leading jewelry brand, though he acknowledged it may take another five to ten years to reach that position.
Store renovations producing measurable returns
Parallel to the product strategy is a physical overhaul of Tiffany’s retail estate. The new store format being rolled out globally is modelled on The Landmark in New York, according to LVMH’s H1 2025 results release. Around 40% of Tiffany’s stores have been refurbished so far.
The returns from renovation are concrete. Refurbished locations generate approximately 25% higher like-for-like revenue than the same stores produced before renovation, according to remarks attributed to Arnault on an LVMH earnings call. With roughly 60% of the estate still to be upgraded, that uplift represents a structural pipeline rather than a one-off gain.
Bulgari holds ground as the division broadens
Tiffany high jewelry growth is not the only story inside the division. Bulgari’s Serpenti, Diva, and B.zero1 lines performed particularly well in the period, with Arnault citing them by name. The brand also staged immersive art exhibitions in Shanghai and Seoul as part of its Year of the Serpenti celebrations, building its presence across Asian markets, according to LVMH’s H1 2025 results release.
LVMH’s jewelry portfolio spans Bulgari, Chaumet, Repossi, Fred, and Tiffany & Co. The portfolio produced full-year 2025 watches and jewelry revenue of €10.49 billion, down 1% year-on-year but up 3% in organic terms, according to Rubel & Ménasché. The acceleration to 9% organic growth across the first half of 2026, and 11% in the second quarter specifically, marks a sharp change in pace from that subdued prior-year baseline.
A group returning from a difficult stretch
The divisional result lands at a point when LVMH has been under sustained pressure. Group revenue has been negative year-on-year since the first half of 2024, squeezed by the retreat of post-pandemic aspirational shoppers, prolonged economic weakness in China, and the added drag of US tariffs. Arnault addressed the extended weakness with characteristic brevity in January, saying: ‘I think we’ll make it through the winter.’
LVMH stock closed up about 1.1% when markets closed on Monday following the results.
With Q2 2026 organic growth running at 11% in watches and jewelry, the next test is whether Tiffany high jewelry growth and the ongoing renovation programme can sustain that pace through the second half, when prior-year comparables from the 2024 slump become more forgiving.