Financials

Richemont Chair Shoots Down Reports of Acquisition by LVMH

FinancialsMay 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.

Cartier Tank “Normale” watch
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 … 
 
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

Bergman Jewelers family
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 Years

The independent jeweler first opened its doors in 1888.

QVC Group Inc. logo
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

Coconut Grove Jewelry & Watch Show
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in Florida

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The Jewelry Symposium (TJS)
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor Shortage

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Peanuts x Monica Rich Kosann Collection Bracelets
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry Collection

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Graphic for What Do We Mean When We Say “Recycled” Gold webinar
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Mindi Mond Clarity Earrings
TrendsMar 31, 2025
Amanda’s Style File: Dripping in Diamonds

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

Lashbrook ring
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With Acquisition

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

Bulgari and LVMH Watches CEO Jean-Christophe Babin
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH Watches

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

Eggs on a shelf
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ Outlook

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Richard Rainsford memorial ring
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Christies regent kashmir sapphire and regal Burmese ruby
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat Ruby

The ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.

Diamond earrings held in gloved hand
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft Recovered

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

Emmanuel Raheb CEO of Smart Age Solutions
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More Jewelry

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

Pomellato Nudo High Jewelry Campaign
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic Design

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

Jamie Singleton, Bill Brace, Rebecca Wooters, Bill Luth
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid Turnaround

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy