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.”
More on Financials
The Latest
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
Weekly QuizNov 06, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
WatchesNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
CrimeNov 03, 2025
Men Dressed as Construction Workers Burglarize Jeweler’s Home The NYPD is looking for three men who stole a safe and jewelry valued at $3.2 million from the home of a jeweler in Jamaica Hills, Queens.
