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.”
Editors' Picks
Sponsored by
More on Financials
The Latest
Policies & IssuesOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
