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
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
