FinancialsMay 17, 2024
Watches of Switzerland’s Fiscal-Year Sales Flat FinancialsMay 17, 2024
Richemont Appoints Van Cleef & Arpels’ Nicolas Bos as New CEO
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
A spring campaign image by Richemont-owned Buccellati. Richemont’s jewelry brands posted strong sales in its recent financial results.
Geneva—Richemont posted its highest-ever group sales for this fiscal year, boosted by its jewelry brands and retail sales.
The luxury giant also announced changes to its board of directors, naming a new CEO.
Nicolas Bos, currently CEO of Van Cleef & Arpels, will take on the re-established role June 1. Jérôme Lambert will continue as chief operating officer, reporting to Bos and remaining on the board.
“With his strong track record, Nicolas will bring a rare combination of creativity, deep industry expertise, and entrepreneurship to his new role,” said Richemont.
As for its results, for the fourth quarter ended March 31, Richemont posted sales of €4.8 billion ($5.2 billion), a 2 percent year-over-year increase at actual exchange rates (down 1 percent at constant currency rates).
For the full year, sales were up 3 percent at actual exchange (8 percent at constant currency rates) to €20.62 billion ($22.33 billion).
The luxury giant posted sales growth across all regions and business areas, at constant currency rates, for the year.
The Asia Pacific region led the charge by value for the year, up 4 percent (10 percent at constant currency rates), while Japan saw the highest boost by percentage, up 8 percent (20 percent at constant currency rates).
The U.S. posted 1 percent growth (5 percent at constant currency rates) for the year, becoming Richemont’s largest individual market, it said, coming in just ahead of Europe.
Retail was its strongest channel for the year, with sales up 5 percent (11 percent at constant currency rates), with growth seen in all business areas and regions.
In the fourth quarter, retail sales were down 2 percent (up 2 percent at constant currency rates).
Online sales were down 2 percent at constant currency rates for the year and flat in Q4.
Wholesale sales and royalty income were up 4 percent at constant currency rates for the year, boosted by jewelry, and up 2 percent in Q4.
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 6 percent year-over-year (12 percent at constant currency rates).
For Q4, jewelry sales were down 1 percent (up 3 percent at constant currency rates).
The full-year sales increase “was underpinned by growth across price points and regions and included a sharp double-digit progression at Buccellati,” Chairman Johann Rupert said in a statement.
“To accompany the three maisons’ dynamic development, we have stepped up investments in manufacturing, distribution and communication.”
Related stories will be right here …
The luxury giant also announced changes to its board of directors, naming a new CEO.
Nicolas Bos, currently CEO of Van Cleef & Arpels, will take on the re-established role June 1. Jérôme Lambert will continue as chief operating officer, reporting to Bos and remaining on the board.
“With his strong track record, Nicolas will bring a rare combination of creativity, deep industry expertise, and entrepreneurship to his new role,” said Richemont.
As for its results, for the fourth quarter ended March 31, Richemont posted sales of €4.8 billion ($5.2 billion), a 2 percent year-over-year increase at actual exchange rates (down 1 percent at constant currency rates).
For the full year, sales were up 3 percent at actual exchange (8 percent at constant currency rates) to €20.62 billion ($22.33 billion).
The luxury giant posted sales growth across all regions and business areas, at constant currency rates, for the year.
The Asia Pacific region led the charge by value for the year, up 4 percent (10 percent at constant currency rates), while Japan saw the highest boost by percentage, up 8 percent (20 percent at constant currency rates).
The U.S. posted 1 percent growth (5 percent at constant currency rates) for the year, becoming Richemont’s largest individual market, it said, coming in just ahead of Europe.
Retail was its strongest channel for the year, with sales up 5 percent (11 percent at constant currency rates), with growth seen in all business areas and regions.
In the fourth quarter, retail sales were down 2 percent (up 2 percent at constant currency rates).
Online sales were down 2 percent at constant currency rates for the year and flat in Q4.
Wholesale sales and royalty income were up 4 percent at constant currency rates for the year, boosted by jewelry, and up 2 percent in Q4.
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 6 percent year-over-year (12 percent at constant currency rates).
For Q4, jewelry sales were down 1 percent (up 3 percent at constant currency rates).
The full-year sales increase “was underpinned by growth across price points and regions and included a sharp double-digit progression at Buccellati,” Chairman Johann Rupert said in a statement.
“To accompany the three maisons’ dynamic development, we have stepped up investments in manufacturing, distribution and communication.”
The company recently acquired Italian jewelry brand Vhernier, and took a controlling stake of footwear brand Gianvito Rossi.
“We very much look forward to realizing Gianvito Rossi’s and Vhernier’s full potential over time, benefitting from the group’s infrastructure and backing as well as from the thriving luxury footwear and branded jewelry markets,” he said.
“We always strive to create goodwill rather than buy goodwill and, in this vein, I am pleased to report the four and-a-half-fold increase in sales at Buccellati since acquisition in 2019,” added Rupert.
Richemont’s watch brands are: A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin.
Full-year sales in the category were down 3 percent (up 2 percent at constant currency rates).
Sales of these brands fell 4 percent in the fourth quarter (1 percent at constant currency rates).
A. Lange & Söhne and Vacheron Constantin posted strong sales, said Rupert.
Retail sales were strong, he noted, with retail and online retail sales accounting for 60 percent of sales in the category.
Richemont did not provide guidance for the year ahead, but Rupert said the company’s financial discipline in an inflationary environment set the stage for future profitable growth.
He thanked the Richemont team and cautioned them to “remain alert and responsive amidst the ongoing global uncertainty.”
“I continue to have every confidence that the strong combination of our strategy, unique assets and healthy balance sheet will enable us to achieve our long-term ambitions,” he said.
Editors' Picks
Sponsored by
More on Financials
The Latest
Recorded WebinarsSep 27, 2024
Watch: Prepare to Shine This Holiday SeasonThree members of JA's 2024 "20 Under 40" class join Amanda Gizzi and Lauren McLemore to share their tips for seasonal retail success.
CollectionsSep 27, 2024
Piece of the Week: Lalaounis’ Necklace is an Archaeological RevivalThe necklace, inspired by ancient artifacts, celebrates strength, endurance, and the natural world.
MajorsSep 27, 2024
Signet-Owned E-Tailer Rocksbox to Launch on AmazonRocksbox is the first banner owned by Signet to sell its jewelry through the retail giant.
Brought to you by
Why You Can't Miss JA New York This FallDon't miss this one-stop-shop in October, curated with buyers’ needs in mind.
EditorsSep 26, 2024
This New Bulova Documentary Is Perfect for History Buffs Like Me “America Telling Time: 150 Years of Bulova” dives into the watchmaker’s storied past, from its ad campaigns to the first women’s wristwatch.
Weekly QuizSep 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsSep 26, 2024
Marco Bicego Adds Stackable Designs to Masai CollectionThe new additions include flat coil rings, bracelets, and necklaces designed to layer elegantly.
MajorsSep 26, 2024
Kendra Scott Eyes Network, Product Expansion Following New Investment 65 Equity Partners has made a “significant” minority investment in the company, though founder Kendra Scott retains a majority stake.
Brought to you by
How to Increase Instagram Followers Naturally in 2024Growing your Instagram following organically is more important than ever in today's technological environment.
Policies & IssuesSep 26, 2024
Columbia Gem House Announces “Pebbles to Pines” FundraiserThe miner will be raffling off jewelry, donating all proceeds to reforestation efforts for some regions of America’s national forests.
SourcingSep 25, 2024
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’? Industry players have found ways to cope with market conditions while working to reshape themselves in the face of emerging realities.
SourcingSep 25, 2024
How India Became the World’s Second-Largest Market for Diamond Jewelry A strong economy, a growing middle class with an affinity for brands, and rapid expansion of organized retail have fueled the market’s rise.
Lab-GrownSep 25, 2024
Lab-Grown Diamonds: A Threat or an Opportunity?Many lab-grown manufacturers in India are rethinking the earlier antagonism between lab-grown and natural diamonds.
Policies & IssuesSep 25, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
CollectionsSep 25, 2024
Katey Brunini’s New Book Explores a Decade of DesignThe designer has also released a new “Bow” collection, named after the act of bowing down as a sign of respect.
CollectionsSep 25, 2024
Lagos' New Collection Is a Tribute to Its Bangkok StudioThe "Lagos Studio" capsule collection offers elevated statement styles with eclectic designs.
SurveysSep 25, 2024
Consumer Confidence Falls in September, Labor Market Worries PersistRespondents also showed a greater preference for buying goods over services.
ColumnistsSep 25, 2024
The Smart Lab: Increasing Your Click-to-Conversion RateEmmanuel Raheb says your website should be as elegant as your store, with high-quality images and a smooth and secure checkout process.
AuctionsSep 24, 2024
Sotheby’s To Offer 18th-Century Diamond Necklace, a ‘Sublime Survivor’ The jewel, which was worn to two British coronations and may contain diamonds tied to Marie Antoinette, could sell for almost $3 million.
IndependentsSep 24, 2024
Roland Brinker, Founder of Brinker’s Jewelers, Dies at 84He is remembered as a family man with a love for the game of golf.
Events & AwardsSep 24, 2024
The Jewelry Symposium Adds Half-Day to 2025 ShowTJS has added presentations to its now three-day event schedule, which will take place next summer in Detroit.
SourcingSep 23, 2024
Gemfields’ September Auctions Bring Mixed ResultsIts commercial-quality sapphire, corundum, and ruby sale yielded “healthy” results, while its emerald auction was weaker than expected.
Lab-GrownSep 23, 2024
Kay Jewelers, Monique Lhuillier Add Colored Lab-Grown Diamonds to ‘Bliss’ The expanded “Monique Lhuillier Bliss” collection features pink, blue, and yellow lab-grown diamonds.
Events & AwardsSep 23, 2024
The Original Miami Beach Antique Show Returns in JanuaryExhibitors can register now for the show, which is set for Jan. 9-13.
Events & AwardsSep 23, 2024
Longtime New England Jeweler to Receive Gem Award for Lifetime AchievementLux Bond & Green President and CEO John Green is receiving the honor for his devotion and service to the jewelry industry.
CrimeSep 20, 2024
Oregon Jeweler Sentenced to 20 Years for Stealing From, Defrauding Customers The former owner of Timeless Jewelers in West Salem pleaded guilty to nearly two dozen counts of theft and aggravated theft.
SourcingSep 20, 2024
Sally Morrison Takes on Larger Role as De Beers Zeros In On Category Marketing The company is poised to make a big push for natural diamonds this holiday season.
CollectionsSep 20, 2024
Piece of the Week: A Quokka Covered in Argyle Pink DiamondsAustralian jeweler Linneys’ smiling gold Quokka statue holds a leaf pendant with Argyle pink diamonds that detaches, becoming a necklace.
