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
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
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.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
CrimeOct 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.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
