Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Jewelry Sales Bolster Richemont’s Q3
Sales of brands including Cartier and Van Cleef & Arpels were up 9 percent in the quarter.
Geneva—Richemont’s third-quarter revenue increased, bolstered by e-commerce, strong sales in the Asia-Pacific region and in its jewelry division.
The luxury titan posted a 1 percent year-over-year increase in sales at actual exchange rates to €4.19 billion ($5.08 billion) compared with €4.16 billion ($5.02 billion) in 2019.
The results exceeded analyst expectations of €4.01 billion ($4.85 billion).
Sales in Richemont’s jewelry division, which includes Cartier and Van Cleef & Arpels, rose 9 percent in the company’s fiscal third quarter, reaching €2.37 billion ($2.86 billion) compared with €2.16 billion ($2.61 billion) a year ago.
Jewelry sales saw growth in all regions except Europe, and across all channels, said Richemont.
Cartier recently showcased its best-selling pieces, including Santos, Tank, Trinity, Love, Juste Un Clou, Panthère and Ballon Bleu, in the same advertising campaign.
Meanwhile, sales in Richemont’s specialist watchmakers division sank 7 percent to €758 million ($917 million) compared with €818 million ($989 million) in 2019.
Watch sales in the quarter were down in all regions except Asia-Pacific, where sales climbed double digits due in part to the Watches & Wonders event in Sanya, China.
Breaking it down by region, quarterly sales in the Americas were down 4 percent at actual exchange rates to €841 million ($1.01 billion), though Richemont noted strong domestic (non-tourism-related) sales.
The Asia-Pacific region saw the strongest growth, up 21 percent overall. Sales in China grew 80 percent, offsetting declines in other areas.
The Middle East and Africa recorded the second best performance for Richemont, with sales up 20 percent as tourist spending resumed in Dubai and domestic spending, particularly in Saudi Arabia, was strong.
In Europe, public health measures and a halt in tourism sent Richemont brands’ sales plummeting 22 percent.
In Japan, sales were down 2 percent, attributed to strong local demand before the reinstatement of public health measures.
Retail sales (sales at Richemont-owned and -operated boutiques) were up 3 percent to €2.28 billion ($2.76 billion) in the third quarter compared with €2.21 billion ($2.67 billion) a year ago.
Wholesale sales fell 12 percent in the quarter to €1.05 billion ($1.27 billion) compared with €1.19 billion ($1.44 billion) a year ago.
Online retail sales were up 13 percent to €841 million ($1.01 billion) compared with €747 million ($904 billion) a year ago.
Richemont did not provide financial guidance for the year ahead.
The Latest
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.