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
AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
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.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
TrendsAug 26, 2026
Boucheron’s New Campaign Celebrates Its ‘Question Mark’ NecklacesThe campaign highlights the asymmetrical high jewelry necklace style that the jeweler first created in 1879.
Events & AwardsAug 26, 2026
Harry Winston Exhibition to Open in ShanghaiIt will explore the life of “The King of Diamonds” and showcase more than 165 creations from the brand.
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
