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
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
