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

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.


Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

“The Jewelry Book” comes out this September.

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The event is set for May 16-19 in Detroit, Michigan.

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

The organization has also announced this year’s slate of judges.

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker started at Williams Jewelers when she was 18 years old.