FinancialsJan 18, 2022
December Retail Sales Slump, But Holiday Season Holds StrongFinancialsJan 20, 2022
Jewelry Sales Jump 38% in Q3 for Richemont
Cartier, Van Cleef & Arpels and Buccellati were top performers for the luxury conglomerate over the key holiday season.
Geneva-based Richemont saw sales grow 32 percent year-over-year in the third quarter, with sales of its jewelry brands up 38 percent in period and watch sales climbing 25 percent. (©Richemont. All rights reserved.)
Geneva—Richemont’s third-quarter sales climbed 32 percent, with the company’s jewelry brands recording the highest year-over-year sales growth of its three business groups.
In the third quarter ended Dec. 31, revenue from jewelry sales climbed 38 percent at constant exchange rates, topping €3 billion ($3.41 billion) and accounting for more than 50 percent of Richemont’s total Q3 sales (€5.66 billion/$6.43 billion).
Richemont owns Cartier, Van Cleef & Arpels and Buccellati.
Sales of the fashion and accessory brands under the Richemont umbrella were a close second in terms of sales growth, with sales up 37 percent year-over-year in Q3.
The company’s watch brands, a stable of eight that includes Jaeger-LeCoultre, Baume & Mercier and Piaget, recorded year-over-year sales growth of 25 percent, totaling €977 million ($1.11 billion).
Sales for online distributors, a group that includes pre-owned watch retailer Watchfinder & Co. and Net-a-Porter, were up 15 percent.
Compared to the third quarter ended Dec. 31, 2019, pre-pandemic, jewelry sales were up 57 percent, while sales grew 20 percent for Richemont’s watch brands.
Richemont described the growth in jewelry sales as “broad-based,” with no product line or price point emerging as a sales standout, and all regions and distribution channels performing well too.
Related stories will be right here …
In the third quarter ended Dec. 31, revenue from jewelry sales climbed 38 percent at constant exchange rates, topping €3 billion ($3.41 billion) and accounting for more than 50 percent of Richemont’s total Q3 sales (€5.66 billion/$6.43 billion).
Richemont owns Cartier, Van Cleef & Arpels and Buccellati.
Sales of the fashion and accessory brands under the Richemont umbrella were a close second in terms of sales growth, with sales up 37 percent year-over-year in Q3.
The company’s watch brands, a stable of eight that includes Jaeger-LeCoultre, Baume & Mercier and Piaget, recorded year-over-year sales growth of 25 percent, totaling €977 million ($1.11 billion).
Sales for online distributors, a group that includes pre-owned watch retailer Watchfinder & Co. and Net-a-Porter, were up 15 percent.
Compared to the third quarter ended Dec. 31, 2019, pre-pandemic, jewelry sales were up 57 percent, while sales grew 20 percent for Richemont’s watch brands.
Richemont described the growth in jewelry sales as “broad-based,” with no product line or price point emerging as a sales standout, and all regions and distribution channels performing well too.
Channel-wise, Richemont’s own retail network was the top performer, with sales up by 45 percent year-over-year in the third quarter. Online retail sales grew 19 percent while wholesale sales were up 14 percent.
Direct sales to consumers now account for 78 percent of Richemont’s total sales, up from 75 percent a year ago.
By region, the Americas posted the strongest year-over-year sales growth but still lags Asia Pacific and Europe in terms of total dollar sales.
Third-quarter sales in the Americas shot up 55 percent at constant exchange rates, totaling €1.33 billion ($1.48 billion).
Sales in the Asia Pacific region grew 18 percent and totaled €2.13 billion ($2.42 billion) while in Europe, Q3 sales reached €1.41 billion ($1.6 billion), a 42 percent increase.
More on Financials
The Latest
MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
SourcingJul 25, 2024
De Beers’ H1 Revenue Falls 21% in ‘Weak’ MarketLab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
ColumnistsJul 23, 2024
Peter Smith: The Case for Optimism in Sales In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
SourcingJul 23, 2024
De Beers’ Production Drops 15% in Q2The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid BacklashSellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.
MajorsJul 18, 2024
Swarovski Names Ariana Grande as Its New Brand AmbassadorThe celebrity will star in Swarovski’s holiday campaign.
