FinancialsNov 08, 2024
Brilliant Earth’s Q3 Sales Fall 13%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.
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 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.”
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
SurveysOct 28, 2026
Consumer Confidence Up in October as Gas Prices EaseConsumer confidence remains on the long-term downward trend that’s persisted over the past few years, said a Conference Board economist.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
