FinancialsDec 06, 2022
Signet Anticipates Solid Holiday Season, Raises GuidanceFinancialsJan 18, 2023
Richemont’s Jewelry Sales Up Double Digits in Q3
Buccellati, Cartier, and Van Cleef & Arpels posted strong sales in the luxury titan’s third quarter.
This “Laguna” cocktail ring, circa the 1960s, by Richemont-owned brand Buccellati was recently part of a vintage collection showcase at Paris haute couture week. Richemont’s jewelry brands posted double-digit growth in its recent third quarter.
Geneva—Richemont posted a strong third quarter, with sales in its jewelry division up double digits.
The luxury conglomerate, which owns high-end brands like Cartier and Van Cleef & Arpels, posted sales growth in all regions except Asia Pacific as COVID restrictions hampered the mainland China market.
For the third quarter ending Dec. 31, Richemont posted sales of €5.4 billion ($5.9 billion), a 5 percent year-over-year increase at actual exchange rates.
The quarter was up against a tough comparable, with last year’s Q3 sales up 32 percent.
Growth was led by retail and its online channels, said Richemont, with sales up 6 percent year-over-year in each category.
Online sales now account for 7 percent of group sales while direct-to-consumer sales make up 76 percent of total sales. Wholesale sales were up 1 percent, hurt by the impact of trading in the Asia Pacific region.
Third quarter jewelry sales were up 11 percent year-over-year to €3.7 billion ($4 billion), bolstered by strong sales at Buccellati, Cartier, and Van Cleef & Arpels.
As with overall sales, all regions posted growth except Asia Pacific.
Watch sales were down 3 percent to €952 million ($1 billion), as sales in Asia Pacific, which account for nearly half of sales in the category, declined double digits. The steep drop offset double-digit increases in Europe and Japan.
Richemont’s watch portfolio includes A. Lange & Söhne, IWC Schaffhausen, Officine Panerai, and Vacheron Constantin.
Related stories will be right here …
The luxury conglomerate, which owns high-end brands like Cartier and Van Cleef & Arpels, posted sales growth in all regions except Asia Pacific as COVID restrictions hampered the mainland China market.
For the third quarter ending Dec. 31, Richemont posted sales of €5.4 billion ($5.9 billion), a 5 percent year-over-year increase at actual exchange rates.
The quarter was up against a tough comparable, with last year’s Q3 sales up 32 percent.
Growth was led by retail and its online channels, said Richemont, with sales up 6 percent year-over-year in each category.
Online sales now account for 7 percent of group sales while direct-to-consumer sales make up 76 percent of total sales. Wholesale sales were up 1 percent, hurt by the impact of trading in the Asia Pacific region.
Third quarter jewelry sales were up 11 percent year-over-year to €3.7 billion ($4 billion), bolstered by strong sales at Buccellati, Cartier, and Van Cleef & Arpels.
As with overall sales, all regions posted growth except Asia Pacific.
Watch sales were down 3 percent to €952 million ($1 billion), as sales in Asia Pacific, which account for nearly half of sales in the category, declined double digits. The steep drop offset double-digit increases in Europe and Japan.
Richemont’s watch portfolio includes A. Lange & Söhne, IWC Schaffhausen, Officine Panerai, and Vacheron Constantin.
By region, Japan posted the strongest year-over-year growth, up 30 percent, followed by the Middle East and Africa, up 20 percent, then Europe, with sales up 17 percent.
Sales growth in the Americas came in last place with 16 percent growth, which the company attributed to more purchases being made abroad due to the strong U.S. dollar.
Sales to U.S. customers were solid, said Richemont, up by high-single digits.
In the Asia Pacific region, sales were down 7 percent, with mainland China posting double-digit declines.
“The massive increase of COVID cases negatively impacted customer traffic and, due to staff unavailability, led to a reduction of boutique opening hours or temporary closures of points of sale in mainland China, leading to a sales drop of 24 percent during the period under review,” said Richemont.
Looking at Richemont’s nine-month performance, overall sales were up 18 percent at actual exchange rates, building off a strong comparable of 55 percent growth in the previous year’s period.
The company did not provide guidance for the remainder of its fiscal year.
More on Financials
The Latest
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
CollectionsApr 16, 2024
Akaila Reid Launches ‘Eat Cake’ CollectionIt’s ultra-feminine and filled with gold, pearls, and soft pastels.
MajorsApr 16, 2024
Loudr Adds 2 DirectorsEmily Highet Morgan and Emily Bennett have joined the agency’s team.
MajorsApr 16, 2024
Stuller Releases First Lab-Grown Diamond Jewelry CatalogIts updated book for mountings is also now available.
SourcingApr 16, 2024
Karen Rentmeesters Takes Over as Interim CEO of AWDCShe has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
TechnologyApr 15, 2024
Judge Rules Jeweler’s Lawsuit Against PNC Bank Can Move ForwardJoyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
