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
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
TrendsAug 26, 2026
Boucheron’s New Campaign Celebrates Its ‘Question Mark’ NecklacesThe campaign highlights the asymmetrical high jewelry necklace style that the jeweler first created in 1879.
Events & AwardsAug 26, 2026
Harry Winston Exhibition to Open in ShanghaiIt will explore the life of “The King of Diamonds” and showcase more than 165 creations from the brand.
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
Events & AwardsAug 24, 2026
Rio Grande, MetalWerx Host Argentium Silver WorkshopThe class, led by renowned metalsmith Cynthia Eid, highlighted Argentium silver as an alternative to gold amid high prices.
Events & AwardsAug 24, 2026
JIS Miami Opens Fall 2026 RegistrationThe show is slated for Oct. 16-19 at the Miami Beach Convention Center.
CollectionsAug 24, 2026
Francesca Villa Honors Napoleon, His Empresses In New CapsuleThe “Empresses” capsule uses 19th-century medals depicting Napoleon, Joséphine, and Marie-Louise across five one-of-a-kind pieces.
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
