FinancialsDec 05, 2023
Signet Jewelers’ Q3 Sales Down 12% FinancialsJan 22, 2024
Jewelry Was the Strongest Performer in Richemont’s Q3
Buccellati, Cartier, and Van Cleef & Arpels propelled the luxury titan to its highest quarterly sales total ever.
A selection of high jewelry from Richemont-owned brand Buccellati. Richemont’s strong third-quarter performance was bolstered by jewelry sales.
Geneva—Richemont had a strong third quarter, with its jewelry division fueling the surge.
For the third quarter ended Dec. 31, Richemont posted sales of €5.59 billion ($6.09 billion), a 4 percent year-over-year increase at actual exchange rates.
The results marked the company’s highest quarterly sales total ever, Richemont Chief Financial Officer Burkhart Grund said on an earnings call last week.
For the nine-month period, sales were up 5 percent at actual exchange rates to €15.81 billion ($17.22 billion).
The luxury titan said it performed well in the third quarter in spite of a “continued uncertain macroeconomic and geopolitical environment.”
Sales in all regions, except Europe, increased at actual exchange rates compared with the prior period, led by Asia-Pacific and Japan, with sales up 8 percent in both regions.
In the Americas, Richemont’s second largest market by revenue percentage as of Q3, sales were up 3 percent at actual exchange rates.
Looking at its distribution channels, retail sales were up 6 percent year-over-year.
Online sales slipped 9 percent though the jewelry brands were relatively resilient with “notable growth” in online sales for Buccellati, said Grund.
Wholesale sales and royalty income were flat, with Richemont noting that, “growth at the jewelry maisons more than offset softness in the two other business areas.”
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 6 percent year-over-year.
The brands “generated the strongest sales increase, underpinned by solid jewelry and watch sales,” said Richemont, with jewelry sales up by double digits in most regions, particularly Asia-Pacific and Japan.
Store openings bolstered sales, including a new Buccellati store in Hangzhou, China; a Van Cleef & Arpels in Ho Chi Minh City, Vietnam; and the new Cartier store in New York City’s SoHo neighborhood.
Cartier’s “Trinity” and “Grain de Café” performed well as did “Fauna” by Van Cleef & Arpels, and Buccellati’s “Opera Tulle” and “Ramage.”
Related stories will be right here …
For the third quarter ended Dec. 31, Richemont posted sales of €5.59 billion ($6.09 billion), a 4 percent year-over-year increase at actual exchange rates.
The results marked the company’s highest quarterly sales total ever, Richemont Chief Financial Officer Burkhart Grund said on an earnings call last week.
For the nine-month period, sales were up 5 percent at actual exchange rates to €15.81 billion ($17.22 billion).
The luxury titan said it performed well in the third quarter in spite of a “continued uncertain macroeconomic and geopolitical environment.”
Sales in all regions, except Europe, increased at actual exchange rates compared with the prior period, led by Asia-Pacific and Japan, with sales up 8 percent in both regions.
In the Americas, Richemont’s second largest market by revenue percentage as of Q3, sales were up 3 percent at actual exchange rates.
Looking at its distribution channels, retail sales were up 6 percent year-over-year.
Online sales slipped 9 percent though the jewelry brands were relatively resilient with “notable growth” in online sales for Buccellati, said Grund.
Wholesale sales and royalty income were flat, with Richemont noting that, “growth at the jewelry maisons more than offset softness in the two other business areas.”
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 6 percent year-over-year.
The brands “generated the strongest sales increase, underpinned by solid jewelry and watch sales,” said Richemont, with jewelry sales up by double digits in most regions, particularly Asia-Pacific and Japan.
Store openings bolstered sales, including a new Buccellati store in Hangzhou, China; a Van Cleef & Arpels in Ho Chi Minh City, Vietnam; and the new Cartier store in New York City’s SoHo neighborhood.
Cartier’s “Trinity” and “Grain de Café” performed well as did “Fauna” by Van Cleef & Arpels, 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 of these brands slipped 1 percent in the third quarter, but saw double-digit growth in the retail channel, offsetting lower wholesale and online sales.
In particular, A. Lange & Söhne, IWC, Jaeger-LeCoultre and Vacheron Constantin had strong retail performances, offsetting a double-digit decline in wholesale sales.
“Overall, the quarter was driven by double-digit growth at Vacheron Constantin and A. Lange & Söhne,” said Grund.
There were new store openings for Richemont’s watch brands as well, including Vacheron Constantin in Munich, “Casa Panerai” in Milan, and the first directly owned store for A. Lange & Söhne in Paris on Rue de la Paix.
Richemont also addressed the status of its online fashion retailer Yoox Net-A-Porter (YNAP) after scrapping plans to sell part of YNAP to luxury e-tailer Farfetch in December.
“Having parted ways with Farfetch free of any financial commitments, our maisons and YNAP continue to operate on their own platforms and technology, while we are reviewing the strategic options aimed at finding a new controlling shareholder for YNAP that can best harness its strengths and potential.
“YNAP thus remains an ‘asset held for sale’,” said Grund.
Richemont did not provide guidance for the fourth quarter or full year.
Editors' Picks
Sponsored by
More on Financials
The Latest
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
