Announced during its Q3 earnings call, Pandora also spoke on its new lab-grown diamond jewelry line.
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Sales for the division that includes the company’s jewelry brands rose 17 percent, fueled by company-owned stores, not wholesale.
LVMH’s jewelry and watch sales grew 25 percent in Q3, with Tiffany’s new “Lock” collection off to a “solid start” in the U.S.
Rough diamond sales totaled $500 million, up only about 2 percent year-over-year and down 22 percent from the previous sales cycle.
Pre-wedding events, like a bridal shower, represent a $1.9 billion gifting opportunity, said the jewelry giant.
The company’s sales were up 21 percent year-over-year in August and essentially flat when compared with July.
The company lowered its full-year guidance, citing increased economic uncertainty.
The company posted a strong start to the year but is cautious about the second half.
The announcement preceded the Danish company’s release of its second-quarter results.
The company is also continuing its retail expansion.
Despite unusually high summertime sales, the company’s CEO said the industry remains “watchful.”
Revenue for the group that includes Kering’s jewelry brands grew 32 percent in the first half of 2022.
The luxury conglomerate said Bulgari’s “Eden: The Garden of Wonders” and Tiffany’s “Blue Book” collections set records.
Its jewelry houses, which include Cartier and Buccellati, posted double-digit growth.
Plus, CEO Brian Duffy on how supply shortages have spread to brands beyond Rolex and Patek Philippe.
Sales were up 36 percent year-over-year in June and are pacing 24 percent ahead of last year at this point.
From its bridal offerings to a major lawsuit settlement, here are five things to know about the company’s first quarter results.
The company opted not to raise its fiscal guidance, citing a slowdown in the U.S. market as a key reason.
Cartier, Van Cleef & Arpels, and Buccellati put on stellar performances.
One analyst cited rising diamond prices and the sanctions on Alrosa as contributing factors.
The retailer also said demand for Rolex, Patek Philippe, and Audemars Piguet watches continues to exceed its supply.
The company is feeling the impact of the uncertain geopolitical and macroeconomic environment, said CEO Beth Gerstein.
The company said the “affordable” jewelry market in the U.S. is growing slower than the overall market.
CFO Jean-Marc Duplaix said Boucheron, Pomellato, and the other jewelry brands put on an “outstanding performance.”
New addition Tiffany & Co. had an excellent start to the year, the luxury titan said.