FinancialsJun 08, 2023
Signet’s Q1 Same-Store Sales Fall 14%, Plans to Close 150 StoresFinancialsJul 18, 2023
Richemont’s Q1 Jewelry Sales in the Americas Fall Flat
The owner of Cartier and Van Cleef & Arpels also said online-only retailers are facing a “globally challenging environment.”
The diamond pavé version of the Cartier “Baignoire," a watch from the early 1900s the brand recreated and released at Watches & Wonders Geneva earlier this year. Cartier parent company Richemont reported a 24 percent increase in sales among its jewelry brands in the first quarter.
Geneva, Switzerland—While Richemont had a strong first quarter overall, the luxury conglomerate reported a slowdown in jewelry sales in the Americas in an environment it described as “muted.”
Richemont said Monday that its jewelry brands—Cartier, Van Cleef & Arpels, and Buccellati—posted the strongest Q1 sales growth among its three business units, with revenues climbing 24 percent year-over-year (at constant exchange rates) to €3.6 billion ($4.05 billion).
It said sales increased across all channels (wholesale, retail, and online retail) and regions except the Americas where they were “broadly flat,” though it did note that American tourists contributed to growth in sales in Europe in Q1.
The company’s watch brands, meanwhile, saw Q1 sales increase 10 percent to €1.06 billion ($1.19 billion).
Richemont said timepiece sales increased in most regions and for most of the eight brands it has in its Specialist Watchmakers unit. A. Lange & Söhne, Jaeger-LeCoultre, Piaget and Vacheron Constantin all had a particularly outstanding quarter, it noted.
The businesses Richemont classifies as “other,” which includes Watchfinder & Co., posted a 6 percent increase in sales to €662 million ($744.1 million). The unit posted sales growth across all its brands and almost all regions, including in the Americas.
Related stories will be right here …
Richemont said Monday that its jewelry brands—Cartier, Van Cleef & Arpels, and Buccellati—posted the strongest Q1 sales growth among its three business units, with revenues climbing 24 percent year-over-year (at constant exchange rates) to €3.6 billion ($4.05 billion).
It said sales increased across all channels (wholesale, retail, and online retail) and regions except the Americas where they were “broadly flat,” though it did note that American tourists contributed to growth in sales in Europe in Q1.
The company’s watch brands, meanwhile, saw Q1 sales increase 10 percent to €1.06 billion ($1.19 billion).
Richemont said timepiece sales increased in most regions and for most of the eight brands it has in its Specialist Watchmakers unit. A. Lange & Söhne, Jaeger-LeCoultre, Piaget and Vacheron Constantin all had a particularly outstanding quarter, it noted.
The businesses Richemont classifies as “other,” which includes Watchfinder & Co., posted a 6 percent increase in sales to €662 million ($744.1 million). The unit posted sales growth across all its brands and almost all regions, including in the Americas.
Sales fell 8 percent for Yoox Net-a Porter, which Richemont now classifies as “discontinued operations” after announcing plans to offload most of its stake in the online luxury business last summer.
Richemont noted in its Q1 results that online-only retailers are facing a “globally challenging environment.”
Overall, Richemont posted 19 percent year-over-year growth with sales totaling €5.32 billion ($5.98 billion) in the first quarter ended June 30.
It said a strong rebound in the Asia-Pacific region, where the lifting of COVID restrictions and soft comps fueled a 40 percent growth increase in revenue, offset its performance in the Americas, where sales slipped 2 percent on lower wholesale sales and strong year-over-year comps.
Sales in the Middle East and Africa (+15 percent), Japan (+14 percent) and Europe (+11 percent) were up as well.
Sales grew across all Richemont’s distribution channels as well, with revenue up 24 percent in retail stores, 2 percent for online retail, and 11 percent for its wholesale and royalty income segment.
Editors' Picks
Sponsored by
More on Financials
The Latest
WatchesMay 19, 2026
Here’s the AP x Swatch Pocket Watch That Caused PandemoniumThe $400 pocket watch is a blend of Audemars Piguet’s iconic eight-sided Royal Oak and Swatch’s unserious Pop watches from the ‘80s.
CollectionsMay 19, 2026
Chris Ploof’s New Collection Makes an Ancient Medal ModernWith gold prices on the rise, the “Modern Electrum” collection uses an alternative, non-tarnishing metal alloy composed of gold and silver.
IndependentsMay 19, 2026
Ellen and Michael Fruchtman Retire, Sell Marketing Agency Fruchtman Marketing has new owners, Erin Moyer-Carballea and Manuel Carballea, and will relocate to Miami.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
ColumnistsMay 19, 2026
Peter Smith: The (Mostly) Immutable Sales TruthsIn a column for the 2026 State of the Majors issue, Smith lists 10 time-tested principles about sales that still ring true.
Weekly QuizMay 14, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsMay 18, 2026
Edahn Golan: What a K-Shaped Economy Means for Fine JewelryIn a column for the 2026 State of the Majors issue, Golan spells out how the growing economic divide in the U.S. is reshaping the market.
CollectionsMay 18, 2026
Foundrae’s New Collection Taps Into JoyThe “Limitless Expansion of Joy and Hope” collection evokes summer through colored gemstones and motifs of butterflies and florals.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CollectionsMay 18, 2026
Hancocks London Acquires Historic ‘Inchiquin’ EmeraldThe jewel, circa 1890, is from the late Victorian era and was owned by descendants of the last high king of Ireland.
Events & AwardsMay 18, 2026
Here Are the 2026 JCK Industry Fund Grant Recipients This is what the nine recipients plan to do with the funds.
AuctionsMay 15, 2026
American Collector Ponies Up Almost $17K for John Wayne’s RingThe Western star’s 14-karat gold signet ring sold for six times its low estimate following a bidding war at U.K. auction house Elmwood’s.
Events & AwardsMay 15, 2026
JA, MJSA To Sponsor Roundtable at TJSThe discussion, "Rebuilding the Jewelry Workforce," will take place on Saturday, May 16, in Troy, Michigan.
SourcingMay 15, 2026
State of Diamonds: The Way Forward for Natural DiamondsThe jewelry industry is reassessing its positioning as Gen Z reshapes the retail landscape and lab grown continues to gain market share.
AuctionsMay 14, 2026
White Diamonds Lead Sotheby’s Auction, Blue Diamond Does Not SellA matching pair of 18.38-carat, D-color diamonds from Botswana’s Jwaneng mine sold for $3.3 million, the top lot of the jewelry auction.
Supplier BulletinMay 14, 2026
A Diamond Is Forever Continues Desert Diamonds – Bridal ReinvigoratedSponsored by A Diamond Is Forever
SourcingMay 14, 2026
State of Colored Stones: The Spirit of Young American Gemstone CuttersThe next generation of lapidarists are entrepreneurial, engaged online, and see the craft as a means for artistic expression.
AuctionsMay 14, 2026
‘Ocean Dream’ Makes Waves at Christie’s, Fetching $17MIt was the second auction appearance for the fancy vivid blue-green diamond, which sold for $7.8 million at Christie’s Geneva 12 years ago.
CrimeMay 14, 2026
Second Man Arrested in Florida Pawn Shop Shooting Members of the U.S. Marshals Task Force took a 22-year-old man into custody. He was charged with tampering with evidence.
CrimeMay 13, 2026
JSA’s 2025 Crime Report Shows ‘Concerning’ Rise in ViolenceWhile the overall number of crimes was down, there were more incidences in which robbers pulled out guns, mace, or rammed cars into stores.
IndependentsMay 13, 2026
New Orleans Jeweler Closing Canal Place StoreJack Sutton Fine Jewelry is closing its store inside the downtown shopping center after 40 years in business.
SourcingMay 13, 2026
Smithsonian Acquires ‘Winston Red’ Diamond PaintingReena Ahluwalia’s painting of the rare red diamond is the first contemporary painting to join the National Gem Collection.
TrendsMay 13, 2026
State of Design: Only the Innovative Will SurviveThe price of gold has risen, affecting the number of pieces designers make, the materials they use, and how they position themselves.
ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
