FinancialsNov 10, 2022
Watches of Switzerland’s U.S. Sales Soar 86% in H1FinancialsNov 14, 2022
Richemont Warns of ‘Volatile Times Ahead,’ Even as Sales Rise
The CEO of Cartier told Bloomberg it will be toning down some of its marketing in response to the sharp increase in the cost of living.
A shot of a Cartier “Love” bracelet from a past marketing campaign for the brand. Cartier’s classic collections were among its bestsellers in the first half of the fiscal year, parent company Richemont said.
Geneva—Richemont Chairman Johann Rupert is warning of an uncertain and potentially unsettled future, even as luxury sales continue to grow by double digits.
“It is highly uncertain how the political, economic and social landscapes will evolve in Europe and in our other key markets,” he said. “We only know that we will likely face volatile times ahead as central banks seek to rein in inflation while governments try to manage severe cost-of-living pressures.”
Rupert’s remarks came Friday, as the luxury conglomerate he heads reported overwhelmingly positive results for the first half of the fiscal year, with sales of jewelry and watches particularly strong.
In the six-month period ended Sept. 30, Richemont’s sales grew 24 percent (16 percent at constant exchange rates) to €9.68 billion ($9.98 billion).
Operating profit was up 26 percent to €2.72 billion ($2.80 billion).
Retail sales, meaning sales made through Richemont-owned and -operated stores, drove the growth and now account for 67 percent of the company’s total sales.
They rose 21 percent at constant exchange rates in the first half of the year, while online sales were up 9 percent and wholesale increased 6 percent.
Sales by the company’s jewelry brands—Buccellati, Cartier, and Van Cleef & Arpels—grew 24 percent year-over-year in the period (16 percent at constant exchange rates), while watch sales climbed 22 percent (13 percent at constant exchange rates).
Richemont said all product categories in jewelry did well, noting specifically the strength of the brands’ “iconic” collections, e.g., “Clash,” “Trinity” and “Tank” watches for Cartier and “Alhambra” and “Fauna” for Van Cleef.
While jewelry sales continue to shine for Richemont, the company is approaching the holiday season with sensitivity, trying not to appear out of touch amid cost-of-living pressures and the ongoing war in Ukraine.
Cartier CEO Cyrille Vigneron told Bloomberg the brand is creating a “more subdued” marketing campaign for Europe and possibly the United States this holiday season.
Classic collections also drove sales among the company’s eight luxury watch brands, a list that includes Baume & Mercier, IWC, Jaeger-LeCoultre, and Vacheron Constantin.
Sales were strong for watches from “Riviera” from Baume & Mercier, “Pilot” for IWC, and Jaeger-LeCoultre’s “Reverso,” among others.
Region-wise, the Americas and Europe turned in strong first-half performances.
Sales in the Americas were up 40 percent year-over-year (22 percent at constant exchange rates), while sales in Europe did even better, increasing 45 percent at both actual and constant exchange rates, fueled by the return of tourists.
Richemont Chief Financial Officer Burkhart Grund said on Friday’s earnings call that the Americas account for 23 percent of group sales, with sales in the United States now “on par” with mainland China.
The company did not provide financial guidance for the second half of the year, though Chairman Rupert said the company is looking ahead with “a mix of vigilance and confidence.”
“The group is in the fortunate position of being in good health, with a clear strategy, highly desirable and enduring creations, strong maisons, professional teams and a robust balance sheet,” he said.
“These assets will enable Richemont to weather uncertain times and draw upon strength in demand.”
More on Financials
The Latest
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for EntriesThe organization has also announced this year’s slate of judges.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry CollectionThe “XO Tacori” collection was designed to blend luxury and accessible pricing.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
