FinancialsOct 20, 2021
Kering’s Jewelry Brands See Strong Q3 GrowthFinancialsNov 16, 2021
Richemont’s H1 Buoyed by Watch, Jewelry Sales
Sales in both categories surpassed pre-pandemic levels in the first half.
Richemont headquarters in Geneva, designed by architect Jean Nouvel. The company’s first-half sales were up 63 percent year-over-year, with jewelry and watch sales particularly strong. (Image courtesy of Richemont)
Geneva—Richemont experienced double-digit growth across all categories in its first half, surpassing pre-pandemic levels.
The luxury titan posted a 63 percent year-over-year increase in first-half sales at actual exchange rates of €8.91 billion ($10.19 billion), compared with €5.48 billion ($6.27 billion) in 2020.
Compared with pre-pandemic 2018, sales were up 20 percent year-over-year.
The company’s jewelry houses and specialist watchmakers once again were growth leaders, said Richemont.
“Cartier and Van Cleef & Arpels have reaffirmed their leadership position as jewelers of choice while Buccellati’s distinctive savoir faire and aesthetics are getting international recognition,” said Chairman Johann Rupert in the company’s press release.
Sales in Richemont’s jewelry division were up 67 percent in the first six months, reaching €5.09 billion ($5.83 billion), compared with €3.06 billion ($3.5 billion) a year ago.
Compared with pre-pandemic levels, sales in the division were up 36 percent.
“Overall, the Americas, Asia Pacific, Middle East and Africa exceeded prior 2019 levels with Europe back to growth in the second quarter, supported by sustained local demand and initial signs of a resumption of international tourism,” said Richemont.
Buccellati, which Richemont acquired in September 2019, continued its growth, particularly in the Asia Pacific region and Japan. Its “Tulle” collection performed especially well.
Cartier’s “Panthère” and Van Cleef’s “Frivole” also saw strong sales.
“The jewelry maisons emerged stronger from the crisis,” said Sophie Cagnard, group corporate communications director. “We posted a stellar first half across all regions and channels versus the prior- year period.”
The strongest growth came from Europe and the Americas, said Cagnard, while Asia Pacific also saw strong growth and “provided the highest contribution to the increase in sales.”
Operating results more than doubled, up 109 percent in the category due to higher sales and media spend as well as efficient use of its manufacturing facilities and cost control.
The company also invested in store renovations, including the Cartier boutiques in Geneva, Switzerland and Singapore.
There were a few new store openings, including Buccellati in Tokyo, Cartier in Paris, and Van Cleef in Las Vegas.
Related stories will be right here …
The luxury titan posted a 63 percent year-over-year increase in first-half sales at actual exchange rates of €8.91 billion ($10.19 billion), compared with €5.48 billion ($6.27 billion) in 2020.
Compared with pre-pandemic 2018, sales were up 20 percent year-over-year.
The company’s jewelry houses and specialist watchmakers once again were growth leaders, said Richemont.
“Cartier and Van Cleef & Arpels have reaffirmed their leadership position as jewelers of choice while Buccellati’s distinctive savoir faire and aesthetics are getting international recognition,” said Chairman Johann Rupert in the company’s press release.
Sales in Richemont’s jewelry division were up 67 percent in the first six months, reaching €5.09 billion ($5.83 billion), compared with €3.06 billion ($3.5 billion) a year ago.
Compared with pre-pandemic levels, sales in the division were up 36 percent.
“Overall, the Americas, Asia Pacific, Middle East and Africa exceeded prior 2019 levels with Europe back to growth in the second quarter, supported by sustained local demand and initial signs of a resumption of international tourism,” said Richemont.
Buccellati, which Richemont acquired in September 2019, continued its growth, particularly in the Asia Pacific region and Japan. Its “Tulle” collection performed especially well.
Cartier’s “Panthère” and Van Cleef’s “Frivole” also saw strong sales.
“The jewelry maisons emerged stronger from the crisis,” said Sophie Cagnard, group corporate communications director. “We posted a stellar first half across all regions and channels versus the prior- year period.”
The strongest growth came from Europe and the Americas, said Cagnard, while Asia Pacific also saw strong growth and “provided the highest contribution to the increase in sales.”
Operating results more than doubled, up 109 percent in the category due to higher sales and media spend as well as efficient use of its manufacturing facilities and cost control.
The company also invested in store renovations, including the Cartier boutiques in Geneva, Switzerland and Singapore.
There were a few new store openings, including Buccellati in Tokyo, Cartier in Paris, and Van Cleef in Las Vegas.
Sales in Richemont’s specialist watchmakers division were up 74 percent to €1.68 billion ($1.92 billion), compared with €966 million ($1.1 billion) in 2020.
Compared with pre-pandemic levels, sales were up 7 percent.
Strong demand from local clientele drove watch sales, said Richemont, and it was seen across all houses, channels, and regions.
“The shift in demand from a multi-brand environment toward directly operated stores, the maison’s e-commerce sites and mono-brand franchise stores accelerated and drove this strong performance,” said the company.
Sales from mono-brand stores now account for 69 percent of sales among Richemont’s watch brands.
The demand for new references was high, including for Odysseus from A. Lange & Söhne, Pilot from IWC Schaffhausen, Reverso from Jaeger-LeCoultre, Luminor from Panerai, and Overseas from Vacheron Constantin.
The Piaget flagship store on London’s New Bond Street was renovated while two new stores opened, including Jaeger-LeCoultre in Wuhan, China and Panerai in Shanghai Qiantan Taikoo Li, China.
Breaking down watch sales by region, the Americas recorded the strongest performance, with sales more than doubling, up 114 percent at actual exchange rates.
In second place was Europe, with sales up 63 percent, followed by the Middle East and Africa (55 percent), Asia Pacific (48 percent), and Japan (44 percent).
Retail sales at the 1,259 Richemont-owned and -operated watch boutiques, including Watchfinder & Co., were up 70 percent.
Wholesale sales were up 71 percent in the quarter while online retail sales grew 35 percent.
The company did not provide financial guidance for the year ahead, but Rupert said, “We look to the remainder of the year with vigilance and cautious optimism: the appeal and enduring nature of our distinctive and highly qualitative creations resonate well with the values and expectations of our discerning clientele.”
More on Financials
The Latest
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
