FinancialsJul 07, 2022
US Sales Grow 44% for Watches of Switzerland in ‘Tremendous’ YearFinancialsJul 15, 2022
For Richemont, Strong U.S. Q1 Sales Offset Slump in China
Its jewelry houses, which include Cartier and Buccellati, posted double-digit growth.
Richemont headquarters in Geneva, designed by architect Jean Nouvel. The company posted a 20 percent increase in revenue in its first quarter. (Image courtesy of Richemont)
Geneva—Richemont kicked off its fiscal year on a high note, posting double-digit sales 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.
Related stories will be right here …
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.
More on Financials
The Latest
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
CollectionsMay 30, 2025
Piece of the Week: Renato Cipullo’s ‘Hematite Blaze’ NecklaceDesigned by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.
Policies & IssuesMay 30, 2025
Trade Court Declares Trump’s Tariffs InvalidHowever, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.
Brought to you by
Clienteling Isn’t a Buzzword. It’s an Essential Business Model.More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.
CollectionsMay 29, 2025
Britney Spears Files Trademark for New Jewelry LineThe pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.
Weekly QuizMay 30, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinMay 29, 2025
Inoveo Platinum Grain, Exclusively Distributed by StullerSponsored by Stuller
SourcingMay 29, 2025
Grizzly Auctions 6,620-Carat EmeraldIt was featured in the miner’s latest sale, which brought in $24.8 million.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
TechnologyMay 29, 2025
GemFind Launches AI Product Description SoftwareGemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.
MajorsMay 28, 2025
Graff Unveils New Las Vegas FlagshipThe 3,300-square foot location is the jeweler's largest store in North America.
CrimeMay 28, 2025
8 Convicted in Kim Kardashian Jewelry Heist TrialAging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.
CollectionsMay 28, 2025
NY Liberty’s 2024 Championship Rings Honor Historic WinThe WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.
MajorsMay 28, 2025
Andrew Rickard Named JBT PresidentA longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.
MajorsMay 27, 2025
MJSA to Become Part of Jewelers of America The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.
AuctionsMay 27, 2025
Al Capone’s Patek Philippe Pocket Watch Back Up for AuctionThe platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.
AuctionsMay 27, 2025
182-Carat Paraíba-Type Tourmaline Sells for $487K Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.
TrendsMay 27, 2025
Amanda’s Style File: Candy-Colored GemstonesGet a taste of the delicious candy-like gemstones in this Amanda’s Style File.
CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.
