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
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
Weekly QuizJan 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
SourcingJan 28, 2026
Ethical Gem Fair to Debut Designer Showcase in TucsonThe new addition will feature finished jewelry created using “consciously sourced” gemstones.
ColumnistsJan 28, 2026
Peter Smith: Setting the Next Generation Up for SuccessIn his new column, Smith advises playing to your successor's strengths and resisting the urge to become a backseat driver.
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in JanuaryThe index fell to its lowest level since May 2014 amid concerns about the present and the future.
IndependentsJan 28, 2026
Foundrae Heads to Aspen for Latest Store OpeningThe new store in Aspen, Colorado, takes inspiration from a stately library for its intimate yet elevated interior design.
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal DiamondsThe collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana SapphiresThe initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking ToolThe new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.
SourcingJan 26, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.
MajorsJan 26, 2026
Francesca’s To Close All StoresThe retailer operates more than 450 boutiques across 45 states, according to its website.
MajorsJan 26, 2026
BIJC Names 5 New Board MembersThe new members’ skills span communications, business development, advocacy, and industry leadership.
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love StoriesThe jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.
GradingJan 26, 2026
DCA Updates Colored Gemstone CourseThe new features include interactive flashcards and scenario-based roleplay with AI tools.
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
