For Richemont, Strong U.S. Q1 Sales Offset Slump in China
Its jewelry houses, which include Cartier and Buccellati, posted double-digit growth.

The luxury conglomerate, which owns high-end brands like Cartier and Van Cleef & Arpels, recorded sales growth across all channels.
Its strong performance in the Americas, Europe, Japan, the Middle East and Africa offset lower sales in Asia-Pacific, particularly in China.
Here are five key takeaways from its earnings report released Friday.
Richemont started the year off strong.
For the first quarter ending June 30, Richemont posted sales of €5.26 billion ($5.29 billion), a 20 percent year-over-year increase at actual exchange rates.
Its growth was led by retail, with sales up 26 percent year-over-year. Retail sales now account for 58 percent of the company’s total sales, up from 55 percent last year.
Wholesale sales were up 12 percent for the year.
Online retail sales also grew 12 percent, bolstered by strong growth among its jewelry and watch brands.
Richemont did not provide fiscal guidance for the year ahead.
Jewelry sales thrived in spite of a poor performance in China.
Richemont has several well-established jewelry brands on its roster, including Cartier and Van Cleef & Arpels.
Despite a slump in sales in China due to COVID-19 lockdowns in April and May, sales at its jewelry houses did well in the first quarter, which Richemont attributed to strong retail sales.
Sales in Richemont’s jewelry division were up 20 percent in the first quarter, reaching €3.02 billion ($3.03 billion).
Jewelry and watch sales at Buccellati, Cartier and Van Cleef & Arpels were especially strong.
Jewelry sales progressed in all regions and channels, said Richemont, except the Asia-Pacific region and in wholesale.
Luxury watch sales ticked higher.
Richemont also has several luxury watchmakers in its portfolio, including A. Lange & Söhne, IWC Schaffhausen, Officine Panerai, and Vacheron Constantin.
Sales in Richemont’s watch division were up 18 percent to €1 billion ($1.01 billion).
The growth was driven by both online and in-store retail sales, said the company.
“Growth was achieved in most maisons and regions with an ongoing outperformance of A. Lange & Söhne, Panerai and Vacheron Constantin,” said Richemont.
The U.S. was Richemont’s largest market in Q1.
Richemont’s sales growth in the quarter was bolstered by double-digit increases in Europe, the Americas, and Japan.
In the Americas, sales were up 25 percent year-over-year, driven by strong domestic spending.
The United States was Richemont’s largest market in Q1, accounting for 22 percent of group sales.
Sales in Europe were up 42 percent, buoyed by domestic demand as well as a return of tourists, particularly those from the Americas and the Middle East.
France did especially well, with sales climbing triple digits in the quarter.
The Asia-Pacific region posted the weakest performance due to COVID-19 lockdowns in China in April and May. Sales in mainland China fell 37 percent in the quarter.
However, the other Asian markets, including Singapore, South Korea and Thailand, performed well and somewhat offset the decline to 15 percent overall for Asia-Pacific.
Japan put on the strongest regional performance of all, posting 83 percent sales growth. Sales in the Middle East and Africa were up 6 percent.
Richemont maintained its focus on sustainability initiatives.
Richemont published its annual sustainability report last month, outlining its ESG performance for the year.
“We have continued to accelerate our sustainability efforts throughout FY2022, delivering against our short-, medium- and long-term goals,” said Chief Financial Officer Burkhart Grund.
In February, the company appointed Bérangère Ruchat as its chief sustainability officer and board member Jasmine Whitbread was appointed to chair the Governance and Sustainability Committee.
“With the arrival of Bérangère Ruchat and Jasmine Whitbread, we are stepping up our sustainability focus and laying the foundations that will drive best-in-class environmental and social progress across our operations and supply chains,” said Grund.
Its goals include a commitment to 100 percent renewable electricity across all its sites by 2025. It’s currently at 92 percent renewable electricity, a 28 percent improvement compared with 2019.
The full report can be read here.
The Latest

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford will step into the role, bringing with him decades of experience.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.


The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The New England jeweler is hosting a bridal event for the month of August.

The trade-only event will host its debut fair in the Emerald City later this month.

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.

The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

Longtime LVMH executive Michael Burke has stepped into the role.

Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.

Vickie Rokkos has joined the jewelry company as its new national sales director of North America.

Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.

Sponsored by Rio Grande Jewelry Supply

The “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.

Diamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.

They discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.

The “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.

Luxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.

Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.