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
MajorsSep 02, 2025
Birks CEO Jean-Christophe Bédos Steps DownNiccolò Rossi di Montelera, executive chairman of the board, was appointed as interim CEO.
MajorsSep 02, 2025
Harry Winston Opens Its Largest Flagship in JapanThe three-floor space also features the jeweler’s largest VIP salon in Japan and offers an exclusive diamond pendant.
CollectionsSep 02, 2025
Stephanie Gottlieb Debuts Silver Designs in ‘All Hours’ CollabThe collection is a collaboration between Stephanie Gottlieb Fine Jewelry and Oak and Luna, focusing on understated essentials.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
Weekly QuizAug 29, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and CoachingSponsored by Clientbook
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.
SourcingAug 28, 2025
Botswana Declares Public Health Emergency Amid Diamond Sales SlumpPresident Duma Boko addressed the country’s medical supply chain crisis in a recent televised address.
MajorsAug 28, 2025
Borsheims Names New Jewelry BuyerFormer Free People buyer Afton Robertson-Kanne recently joined the retailer.
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis StudentsThe jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond CutsThe singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.
SourcingAug 27, 2025
11,685-Carat Emerald Recovered From Zambia’s Kagem MineDubbed the “Imboo,” or “buffalo,” emerald, the rough gemstone is part of Gemfields’ latest emerald auction, which is taking place now.
SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income WorriesPlans for dining out, booking vacations, and buying big-ticket items were down.
CollectionsAug 27, 2025
Mined + Found’s New Collection Gets Playful The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.
CollectionsAug 26, 2025
Does Your Jewelry Stack Need a Snack?Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.
WatchesAug 26, 2025
Nick Jonas Gets Nostalgic in New Fossil CampaignThe Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.
IndependentsAug 26, 2025
Hinkamp Jewelers Celebrates 70 YearsThe family-owned jeweler in Fayetteville, North Carolina, is in the hands of the second generation.
ColumnistsAug 26, 2025
Back to School, Back to Style: Why August is Prime Time for Self-GiftingIn his latest column, Emmanuel Raheb shares tips for encouraging customers to treat themselves to new jewelry.
WatchesAug 25, 2025
London Jewelers Brings Rolex to Historic Hamptons HomeThe new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.
CollectionsAug 25, 2025
Tennis Star Madison Keys Has the Perfect Necklace for the US OpenThe Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.
TrendsAug 25, 2025
Amanda’s Style File: That’s a WrapWrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.
WatchesAug 25, 2025
WatchTime NY Show Returns for 10th Anniversary EditionThe three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
