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.

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.”
The Latest

Sponsored by the Gemological Institute of America

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

The organization also announced its board of directors.


Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.

The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.