Cartier, Van Cleef & Arpels Continue to Shine for Richemont
Richemont’s jewelry sales ticked up 2 percent in the first half of the year, while watch sales plummeted 17 percent.

The Geneva-based luxury conglomerate reported Friday that sales for the six-month period ended Sept. 30 totaled €10.1 billion ($10.73 billion), down 1 percent from €10.22 billion ($10.86 billion) a year ago.
Operating profit fell 17 percent year-over-year from €2.66 billion ($2.83 billion) to €2.21 billion ($2.35 billion).
Sales at the jewelry brands owned by the company—Cartier, Van Cleef & Arpels, Buccellati, and now Vhernier—continued to grow in the first half, increasing 2 percent at actual and constant exchange rates to €7.1 billion ($7.5 billion).
Operating margin was 33 percent, down from 36 percent in the first half of 2023.
What Richemont described as the jewelry brands’ “limited price increases” were not enough to offset the rising cost of gold, which hovered above $2,600/ounce as of press time.
Richemont’s specialist watchmakers, meanwhile, saw sales plummet 17 percent year-over-year (16 percent at constant exchange rates) to €1.66 billion ($1.76 billion), largely due to weakness in China, Hong Kong, and Macau.
The company’s stable of watch brands includes Jaeger Le-Coultre, and Baume & Mercier.
The divisions Richemont classifies under “Other,” which includes fashion and accessories brands Alaïa and Chloé, Watchfinder, and its watch component manufacturing, saw sales increase 4 percent at both actual and constant exchange rates to €1.33 billion ($1.42 billion).
Region-wise, the Americas was Richemont’s strongest performer, with sales up 11 percent (10 percent at constant exchange rates), driven by the company’s jewelry brands and sales at the stores it owns and operates.
The Americas accounted for 23 percent of Richemont’s total sales in the first half of 2024, up from 21 percent in the prior-year period.
Richemont’s weakest region was Asia-Pacific.
Sales there fell 19 percent year-over-year (18 percent at constant exchange rates), with a 27 percent decline in sales in China, Hong Kong, and Macau overshadowing growth in other markets, like Korea.
Looking at the company’s distribution channels, sales at retail (meaning the stores Richemont owns and operates) increased 2 percent year-over-year (flat at actual exchange rates) and online sales also rose, growing 7 percent at both actual and constant exchange rates.
Retail accounted for 70 percent or Richemont’s total sales, up from 69 percent in the prior-year period, while online sales accounted for 6 percent, slightly higher than last year.
Meanwhile, revenue from wholesale and royalty income declined 6 percent (7 percent at actual exchange rates).
Wholesale now accounts for 24 percent of Richemont’s total group sales, compared with 26 percent last year.
The first half of 2024 was busy for Geneva-based Richemont, which named a new group CEO.
Nicolas Bos, who was CEO of Van Cleef & Arpels, took over as Richemont CEO in June and joined the company’s senior executive committee.
The following month, the luxury conglomerate announced it had selected a successor to Bos and also named a new head at Cartier, drawing both from its watch brands.
Louis Ferla, CEO of Vacheron Constantin, took over at Cartier for the retiring Cyrille Vigneron, while Jaeger-LeCoultre CEO Catherine Rénier succeeded Bos at Van Cleef & Arpels.
In September, the company closed on its acquisition of Italian jewelry brand Vhernier and announced the appointment of Buccellati Executive Vice President Gianluca Brozzetti to the brand’s board of directors as executive vice president in an ad-interim CEO role.
When reporting its first-half results Friday, Richemont Chairman Johann Rupert said Vhernier “brings a distinguished and distinctive design that perfectly complements our existing collection of renowned jewelry maisons.”
Looking ahead, Rupert said while he remains “cautious in this uncertain context,” he is confident in the company’s ability to navigate the ups and downs.
“What we are seeing in the world today is not unprecedented,” he said.
“It illustrates just how important it is to have strong leadership with a long-term vision, to continue to invest in our maisons’ excellence in crafting and marketing distinctive and timeless creations, to manage our offer with discipline, and to have an agile structure and solid balance sheet.”
The Latest

The stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.

Hollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.

The New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.

You deserve to know what you are selling–to protect your customers as well as your business and your reputation.

The Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.


Making its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.

They were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.

Gemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.

In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.

The new showcase dedicated to Italian jewelry design is set for Oct. 29-30.

Take a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.

Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.

The new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.

The holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.

The brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.

Corey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.

Charles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.

Timepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.

The auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.

As chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.

Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.

The parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.

The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.

The trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.

Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.