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.
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.
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