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.
More on Financials
The Latest
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
