MajorsJul 02, 2024
Richemont Names New CEOs for Cartier, Van Cleef & ArpelsFinancialsJul 17, 2024
Richemont’s Q1 Jewelry Sales Up 2%
In contrast, the luxury giant’s watch sales fell 14 percent.
A pair of earrings from Richemont-owned Buccellati’s high jewelry offerings. Richemont’s Q1 sales were down 1 percent as the luxury giant was up against tough comparatives.
Geneva—Richemont saw sales slip in the first quarter, though its jewelry division saw continued growth.
The company was up against tough comparatives, as last year’s Q1 sales were up 19 percent.
The luxury titan said this quarter’s performance demonstrates its “resilience in a continuing uncertain macroeconomic and geopolitical environment.”
For the first quarter ending June 30, Richemont posted sales of €5.27 billion ($5.73 billion), down 1 percent year-over-year at actual exchange rates (up 1 percent at constant exchange rates).
Sales in all regions, except Asia Pacific, were on the rise compared to the prior period, led by Japan with sales up 42 percent in the region.
Its quarterly performance was dragged down in part by declining sales in the Asia Pacific region, down 19 percent at actual exchange rates (down 18 percent at constant exchange rates), with sales in China, Hong Kong, and Macau combined falling 27 percent in the quarter.
The decline in the region was due to low levels of consumer confidence and strong comparatives, said Richemont.
In the Americas, sales were up 11 percent (up 10 percent at constant exchange rates), which Richemont said reflected sustained domestic demand across all distribution channels.
Overall, retail sales were flat year-over-year, while online sales were up 6 percent. Wholesale sales fell 6 percent.
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 2 percent year-over-year (up 4 percent at constant exchange rates).
Related stories will be right here …
The company was up against tough comparatives, as last year’s Q1 sales were up 19 percent.
The luxury titan said this quarter’s performance demonstrates its “resilience in a continuing uncertain macroeconomic and geopolitical environment.”
For the first quarter ending June 30, Richemont posted sales of €5.27 billion ($5.73 billion), down 1 percent year-over-year at actual exchange rates (up 1 percent at constant exchange rates).
Sales in all regions, except Asia Pacific, were on the rise compared to the prior period, led by Japan with sales up 42 percent in the region.
Its quarterly performance was dragged down in part by declining sales in the Asia Pacific region, down 19 percent at actual exchange rates (down 18 percent at constant exchange rates), with sales in China, Hong Kong, and Macau combined falling 27 percent in the quarter.
The decline in the region was due to low levels of consumer confidence and strong comparatives, said Richemont.
In the Americas, sales were up 11 percent (up 10 percent at constant exchange rates), which Richemont said reflected sustained domestic demand across all distribution channels.
Overall, retail sales were flat year-over-year, while online sales were up 6 percent. Wholesale sales fell 6 percent.
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 2 percent year-over-year (up 4 percent at constant exchange rates).
The company named new CEOs for two of its jewelry brands earlier this month.
On Sept. 1, Louis Ferla will take on the role of Cartier CEO, while Catherine Rénier will step in as CEO of Van Cleef & Arpels.
Richemont’s watch brands are: A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin.
Sales in the category fell 14 percent in the first quarter (down 13 percent at constant exchange rates).
A. Lange & Söhne and Vacheron Constantin were particularly resilient, said Richemont.
Richemont did not provide guidance for the second quarter of the fiscal year.
More on Financials
The Latest
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
MajorsOct 10, 2025
Frederick Goldman Names New VP of SalesJewelry industry veteran Alisa Bunger has taken on the role.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
Weekly QuizOct 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ FundraiserProceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.
