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
AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
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.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
SourcingNov 18, 2025
Another Diamond Company CEO Steps DownMark Wall, president and CEO of Canadian mining company Mountain Province Diamonds, will vacate his position next month.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
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.
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.
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.
