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.
More on Financials
The Latest
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
