FinancialsApr 26, 2023
Kering’s Jewelry Brands Shine as Gucci RecoversFinancialsMay 15, 2023
Richemont Chair Shoots Down Reports of Acquisition by LVMH
The company reported record sales, driven by desire for classic lines like Cartier “Panthère” and “Alhambra” from Van Cleef & Arpels.
This Cartier Tank “Normale” watch with yellow gold case and brown alligator strap was one of the updated Tank models the brand rolled out at Watches & Wonders Geneva this year. Cartier owner Richemont noted the popularity of classic watch and jewelry collections in its just-concluded fiscal year.
Geneva—Consumers’ penchant for tried-and-true classics propelled Richemont to a record-breaking year and prompted its chairman to shoot down speculation the luxury conglomerate was up for sale.
The Geneva-based company reported Friday that sales for its fiscal year ended March 31 hit an all-time high of €19.95 billion ($21.82 billion), up 19 percent year-over-year (14 percent at constant exchange rates).
Operating profit rose 34 percent to €5.03 billion ($5.50 billion).
Following the company’s release of its full-year results, Chairman Johann Rupert publicly refuted a report that appeared in a Swiss newspaper in February that the company was an acquisition target for competitor LVMH.
According to The Financial Times, he said Richemont is not for sale. He said he speaks with LVMH Chairman Bernard Arnault regularly and the two companies, “respect each other’s independence.”
Rupert also said Richemont turned down a deal proposed by bankers to merge with Kering two years ago.
During the fiscal year, the company’s jewelry brands—Cartier, Van Cleef & Arpels and Buccellati—posted 21 percent sales growth (16 percent at constant exchange rates).
Richemont said the brands’ “iconic” collections outperformed: “Opera Tulle” and “Macri” at Buccellati, “Trinity,” “Panthère” and “Santos” at Cartier, and “Alhambra,” “Perlée” and “Fauna” at Van Cleef & Arpels.
During the fiscal year, Richemont reopened the Cartier flagship boutiques on Fifth Avenue in New York and in Paris and opened a new Van Cleef & Arpels flagship store in San Francisco.
Sales for Richemont’s watch brands, which include Vacheron Constantin, IWC and Jaeger-LeCoultre, were up 13 percent (8 percent at constant exchange rates).
Like jewelry, it was sales of classic collections that drove watch sales, including “Riviera” for Baume & Mercier, pilot’s watches for IWC, “Reverso” for Jaeger-LeCoultre, and “Overseas” for Vacheron Constantin.
The company opened a new Jaeger-LeCoultre flagship stores in Beverly Hills, California, during the fiscal year.
Related stories will be right here …
The Geneva-based company reported Friday that sales for its fiscal year ended March 31 hit an all-time high of €19.95 billion ($21.82 billion), up 19 percent year-over-year (14 percent at constant exchange rates).
Operating profit rose 34 percent to €5.03 billion ($5.50 billion).
Following the company’s release of its full-year results, Chairman Johann Rupert publicly refuted a report that appeared in a Swiss newspaper in February that the company was an acquisition target for competitor LVMH.
According to The Financial Times, he said Richemont is not for sale. He said he speaks with LVMH Chairman Bernard Arnault regularly and the two companies, “respect each other’s independence.”
Rupert also said Richemont turned down a deal proposed by bankers to merge with Kering two years ago.
During the fiscal year, the company’s jewelry brands—Cartier, Van Cleef & Arpels and Buccellati—posted 21 percent sales growth (16 percent at constant exchange rates).
Richemont said the brands’ “iconic” collections outperformed: “Opera Tulle” and “Macri” at Buccellati, “Trinity,” “Panthère” and “Santos” at Cartier, and “Alhambra,” “Perlée” and “Fauna” at Van Cleef & Arpels.
During the fiscal year, Richemont reopened the Cartier flagship boutiques on Fifth Avenue in New York and in Paris and opened a new Van Cleef & Arpels flagship store in San Francisco.
Sales for Richemont’s watch brands, which include Vacheron Constantin, IWC and Jaeger-LeCoultre, were up 13 percent (8 percent at constant exchange rates).
Like jewelry, it was sales of classic collections that drove watch sales, including “Riviera” for Baume & Mercier, pilot’s watches for IWC, “Reverso” for Jaeger-LeCoultre, and “Overseas” for Vacheron Constantin.
The company opened a new Jaeger-LeCoultre flagship stores in Beverly Hills, California, during the fiscal year.
Region-wise, Richemont’s sales in the Americas held up, growing 27 percent year-over-year against strong comps (89 percent sales growth) from the previous fiscal year.
The Americas is Richemont’s second-largest market.
Richemont said sales in the Americas slowed down in the second half of the year, partly due to the fact that Americans shopped overseas because of the strong U.S. dollar, while sales in its largest market, Asia Pacific, gained steam as the Chinese government relaxed COVID restrictions.
Channel-wise, Richemont saw growth in all distribution sectors, with sales in its company-owned stores rising 22 percent, online sales increasing 12 percent, and wholesale sales up 14 percent.
Looking ahead to the new fiscal year, Rupert said in the company’s full-year earnings release that he expects conditions to remain unsettled.
“Economic volatility and political uncertainty look set to remain features of the trading environment,” he said. “The group will therefore seek to maintain the necessary agility to manage fluctuating levels of demand.
“I am confident our maisons are well-positioned to meet strong demand, notably driven by a significant resumption of Chinese travel. Richemont is fortunate to own such a unique portfolio of maisons with excellent long-term prospects.”
Editors' Picks
Sponsored by
More on Financials
The Latest
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 21, 2026
Gemfields’ Mixed-Quality Ruby Auction Earns $52MThe miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
SourcingOct 20, 2026
The $50M Victoria’s Secret ‘Fantasy Bra’ By The NumbersJacob & Co.'s diamond masterpiece is the most expensive Fantasy Bra ever worn on the Victoria’s Secret Fashion Show runway.
CollectionsOct 20, 2026
Mignon Faget’s Collection Chooses Handmade Over AIThe “Atelier” collection was inspired by the tools, rituals, and objects in an artist’s studio as a quiet rebuttal to an automated world.
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
