Jewelry Was the Strongest Performer in Richemont’s Q3

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.

Buccellati high jewelry collection
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 … 

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.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Macy’s Herald Square store
MajorsJul 16, 2024
Macy’s Ends Buyout Talks

The retailer will not be making a deal with Arkhouse Management and Brigade Capital Management, opting to focus on its turnaround plan.

Crime police cars
CrimeJul 16, 2024
Thieves Nab $500K in Jewelry in Calif. Group Smash-and-Grab

The Berkeley robbery follows two other Bay Area robberies involving multiple suspects, one in May and one in June.

National Jeweler columnist Lilian Raji
ColumnistsJul 16, 2024
The PR Adviser: Awareness Starts With Your Online Store

Lilian Raji discusses the importance of having an intentional website design that aligns with your brand or store’s goals.

Untitled design.jpg
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price Stability

As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.

Catbird The Met collection
CollectionsJul 16, 2024
Catbird Debuts New Met Collection

It’s the second collaborative offering from the jewelry brand and the New York City art museum.

Weekly QuizJul 11, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Craftsman holding Pomellato Arengario necklace
MajorsJul 16, 2024
Pomellato Acquires Valenza Setting Lab

The Kering-owned brand bought VSL to reinforce its manufacturing capabilities.

Ewa Abrams, Kering’s new president for the Americas
MajorsJul 16, 2024
Kering Appoints New President for Americas Region

The luxury conglomerate promoted General Counsel Ewa Abrams to the role, succeeding Laurent Claquin.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

Tanzanite ring
MajorsJul 15, 2024
Signet Falls 11 Spots on NRF’s ‘Top 100’ Retailers List

The jewelry giant came in at No. 67 on the list, down from No. 56 last year.

 2025 Gem Awards logo
Events & AwardsJul 15, 2024
Nominations Are Open for the 2025 Gem Awards

Submissions in the categories of Jewelry Design, Media Excellence, and Retail Excellence will be accepted through Aug. 23.

Sunlit’s Sun Goddess Supreme Ring and Pyramid Rutilated Quartz Necklace
Events & AwardsJul 15, 2024
NY Now Expands Emerging Designer Segment for Its Summer Market

Curated at Luxury Lifestyle will build on the former initiative, the Emerging Fine Jewelry Designer Incubator.

Collage of Caitlin Albritton and her jewelry
Events & AwardsJul 15, 2024
Halstead Announces 2024 Grant Winner

Caitlin Albritton won the 19th annual Halstead Grant for emerging jewelry businesses.

Myne London
CollectionsJul 12, 2024
Myne London to Support Malala Fund

The emerald supplier will donate a percentage of sales from its “Star Power” earrings to the nonprofit in support of girls’ education.

The Jewelry Symposium logo
Events & AwardsJul 12, 2024
The Jewelry Symposium Is Looking for Speakers

TJS is seeking jewelry manufacturing and technology experts to speak at its 2025 event.

Sculptural Freeform Earrings
CollectionsJul 12, 2024
Piece of the Week: Marrow Fine’s ‘Sculptural Freeform’ Earrings

The earrings were inspired by the landscape at Joshua Tree and Jean Arp’s abstract sculptures.

Madeline Fraser Gemist
EditorsJul 11, 2024
Q&A: Gemist CEO Madeline Fraser on Jewelry Visualization Technology

Fraser shares why she decided to shift from a direct-to-consumer retailer to a B2B technology company.

Jewelers of America learning workshop Providence logo
Events & AwardsJul 11, 2024
JA to Host Next Learning Workshop in Providence

The one-day workshop will be held July 17 at the Rhode Island School of Design.

Jewelers International Showcase Logo Statue
Events & AwardsJul 11, 2024
Registration Now Open for JIS Fall 2024

The jewelry trade show will take place in Miami Oct. 6-9.

Kyle Kuzma, D’Angelo Russell, Jalen Green, Jaime Jacquez Jr., Kevin Love, Josh Hart, and Seth Curry
MajorsJul 11, 2024
David Yurman Names 7 NBA Players as Brand Ambassadors

The partnership reinforces David Yurman’s position as a leader in men’s jewelry, said the company.

U.S. Customs and Boarder Protection Paperwork
CrimeJul 10, 2024
US Customs Seizes $10M in Counterfeit Jewelry

Officers intercepted three packages within 24 hours containing fake goods claiming to be from various luxury brands.

Matturi Fine Jewelry totem jewel
Events & AwardsJul 10, 2024
IAC’s Gold and Diamond Conference to Focus on ‘Expanding Horizons’

The 14th annual conference will host panels on cross-sector collaboration, industry sanctions, and more.

Immediate Connections
Events & AwardsJul 10, 2024
Women’s Art Center of the Hamptons to Host Jewelry Exhibition

“Immediate Connections” will be on view from July 18-21.

Navneet Gems salt & pepper sapphires
SourcingJul 10, 2024
Navneet Gems Launches Salt-and-Pepper Sapphires

Sourced from Tanzania, the stones feature a unique hematite inclusion.

Buccellati butterfly brooch
TrendsJul 10, 2024
Amanda’s Style File: Slither and Fly

Snakes, birds, and bugs are all the buzz this summer.

Peter Smith
ColumnistsJul 09, 2024
11 and ½ Thoughts on Leadership

From prioritizing “big rocks” to practicing transparency, Peter Smith explores what it takes to be an effective leader.

John Hardy bracelet and Wölffer Estate Summer in a Bottle rosé
CollectionsJul 09, 2024
John Hardy Toasts to Wölffer Estate With New Collection

The capsule collection is inspired by the Hamptons vineyard’s Summer in a Bottle rosé.

Fuli Gemstones peridot The Curious Gem
SourcingJul 09, 2024
The Curious Gem Now Carrying Fuli Peridot

The U.K.-based online supplier will offer calibrated stones under 1 carat.


This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy