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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).
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.
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