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.
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.
