Financials

Cartier, Van Cleef & Arpels Continue to Shine for Richemont

FinancialsNov 12, 2024

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.

Vhernier Calla necklace
The “Calla” necklace from Vhernier. Richemont announced its acquisition of the Italian jewelry brand in May and closed the deal in September. Vhernier joins Cartier, Van Cleef & Arpels, and Buccellati in Richemont’s jewelry division, which bucked the downward trend of luxury sales in the first half of 2024.
Geneva—Jewelry sales were a bright spot in the first half of the year for Richemont, which saw sales and operating profit decline in what it described as a “challenging macroeconomic and geopolitical context.”

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. 

 Related stories will be right here … 

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

Bicolor pink and colorless diamond
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink Diamond

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

Pomellato Rodeo Drive Flagship Exterior
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive Flagship

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

Grown Brilliance NYC Flagship Exterior
Lab-GrownOct 21, 2025
Grown Brilliance Opens First Flagship

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

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (2) (1).jpg
Brought to you by
Protect Your Customers and Your Business

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

Douriean Fletcher Messenger Collection
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MAD

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.

Weekly QuizOct 16, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Sothebys the glowing rose pink diamond
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink Diamond

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

2025_Gemfields logo.jpg
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby Mine

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

ja_fall_2024_by_headshot_stories_6824.jpg
Brought to you by
JA New York Fall Is Right Around the Corner

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

Empress Eugénie’s pearl and diamond tiara
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre

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

Lauren Gayda
SourcingOct 20, 2025
Pristine Gems Names New Director of European Sales

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

Charles London, Mayer and Fran Udell, Mark and Candy Udell
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100

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

The Edit – A Gallery of Italian Jewelry Masterpieces Graphic
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYC

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

Judi Powers Jewelry Stella Earrings
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ Earrings

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

Jeffrey Zimmer Reeds Jewelers
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer

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

Sothebys salon new bond street
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry Service

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

Oscar Heyman 2025 Holiday Catalog Cover
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s Spectacular

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

Foundrae United in Love Campaign Imagery
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ Collection

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

Kathy Corey
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy Corey

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

Colorado jeweler Peter Damian Arguello
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado Jeweler

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

Logo for Timepieces at Luxury
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next Year

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

Max Fawcett Claibourne Poindexter
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department Leadership

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

Schwanke-Kasten Jewelers, Tom Dixon
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom Dixon

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 of Shimmer LLC
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant

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

Cooper Flagg family at Day’s Jewelers
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper Flagg

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

Pragnell Kitulo Garnet collection
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry

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

Astrid & Miyu 2025 12-Day, 24-Day, Solid Gold Advent Calendars
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent Calendars

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

Front of Marla Aaron porcelain Nymphenburg Lock
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.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy