FinancialsNov 09, 2023
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Richemont’s H1 Jewelry Sales Climb 10%
Rising jewelry sales and a rebound in the Asia-Pacific region were the main growth drivers for the company as a whole.
A pair of new “Opera Galileo” pendants by Richemont-owned Buccellati. The company’s jewelry brands saw sales increase double digits in the first half of the fiscal year.
Geneva—Richemont had a strong first half of the year, with sales growth led by its jewelry division and a rebound in the Asia-Pacific region.
For the first half ending Sept. 30, Richemont posted sales of €10.22 billion ($10.94 billion), a 6 percent year-over-year increase at actual exchange rates.
Sales in all regions, except the Americas, were on the rise at actual exchange rates compared to the prior period, led by Asia-Pacific with sales up 14 percent in the region as COVID restrictions were eased.
In the Americas, Richemont’s third-largest market by revenue percentage, sales fell 4 percent (up 1 percent at constant exchange rates) due to lower wholesale sales, slowing watch sales, and a “relatively weak” U.S. dollar.
Overall, retail sales were up 9 percent year-over-year, while online sales slipped 7 percent. Wholesale sales grew 1 percent.
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 10 percent year-over-year, led by the Asia-Pacific region.
“The strong performance was broad-based across product categories from silverware at Buccellati to high jewelry at the group’s three jewelry maisons,” said Richemont.
Popular collections included Cartier’s “Clash” and “Grain de Café;” Van Cleef & Arpels’ “Fauna” and “Perlée;” and Buccellati’s “Opera Tulle” and “Ramage.”
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For the first half ending Sept. 30, Richemont posted sales of €10.22 billion ($10.94 billion), a 6 percent year-over-year increase at actual exchange rates.
Sales in all regions, except the Americas, were on the rise at actual exchange rates compared to the prior period, led by Asia-Pacific with sales up 14 percent in the region as COVID restrictions were eased.
In the Americas, Richemont’s third-largest market by revenue percentage, sales fell 4 percent (up 1 percent at constant exchange rates) due to lower wholesale sales, slowing watch sales, and a “relatively weak” U.S. dollar.
Overall, retail sales were up 9 percent year-over-year, while online sales slipped 7 percent. Wholesale sales grew 1 percent.
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 10 percent year-over-year, led by the Asia-Pacific region.
“The strong performance was broad-based across product categories from silverware at Buccellati to high jewelry at the group’s three jewelry maisons,” said Richemont.
Popular collections included Cartier’s “Clash” and “Grain de Café;” Van Cleef & Arpels’ “Fauna” and “Perlée;” and Buccellati’s “Opera Tulle” and “Ramage.”
Richemont’s watch brands are: A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin.
Sales in the category slipped 3 percent in the first half.
Cartier’s “Santos” and “Tank” collections performed well, as did Van Cleef & Arpels’ “Alhambra” watches.
“Performance was varied across the maisons with a continued outperformance by A. Lange & Söhne and Vacheron Constantin,” said Richemont.
“However, demand for iconic collections remained resilient, in particular ‘Riviera’ for Baume & Mercier, pilot’s watches for IWC, ‘Reverso’ for Jaeger-LeCoultre, ‘Radiomir’ for Panerai, ‘Polo’ for Piaget, and ‘Excalibur’ for Roger Dubuis.”
Richemont did not provide guidance for the second half of the fiscal year.
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