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.”

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.
The Latest

The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.

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

The virtual event will take place April 7 at 3 p.m.


The educational event will take place in Charlotte, North Carolina, this May.

The independent jeweler first opened its doors in 1888.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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