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.”
Editors' Picks
Sponsored by
More on Financials
The Latest
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.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
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.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
