FinancialsJan 14, 2025
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Richemont’s Jewelry Sales Rise 14% in Holiday Quarter
The company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
A pair of “Opera Galileo” pendants by Buccellati. Buccellati together with Cartier, Van Cleef & Arpels, and Vhernier comprise Richemont’s jewelry brand portfolio. The brands saw sales increase 14 percent year-over-year in the third quarter.
Geneva, Switzerland—Jewelry sales increased by double digits in the third quarter for Richemont, propelling the luxury conglomerate to a record Q3.
The company reported Thursday that in the period ending Dec. 31, sales by its four jewelry brands, Cartier, Van Cleef & Arpels, Buccellati, and the recently acquired Vhernier, totaled €4.5 billion ($4.64 billion), up 14 percent from €3.95 billion ($4.07 billion) from the third quarter 2023.
The increase came despite the fact that Richemont’s jewelry division was up against strong comps from Q3 2023, when sales increased 12 percent year-over-year.
Richemont said both its classic jewelry collections—think Cartier “Love” or Van Cleef & Arpels’ “Alhambra” designs—and its new introductions contributed to the increase, particularly during the holiday season.
Watch sales, meanwhile, fell 8 percent in the third quarter, totaling €867 million ($893 million) compared with €939 million ($967 million) in the prior-year period. It is an improvement from the first half of the year, when Richemont’s watch sales were down 16 percent year-over-year.
Richemont, which owns Jaeger-LeCoultre, Vacheron Constantin, and Piaget, among other brands, noted that continued sluggish sales in the Asia Pacific region were a drag on the division.
Watch sales increased across all other regions, including a double-digit increase in the Americas.
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The company reported Thursday that in the period ending Dec. 31, sales by its four jewelry brands, Cartier, Van Cleef & Arpels, Buccellati, and the recently acquired Vhernier, totaled €4.5 billion ($4.64 billion), up 14 percent from €3.95 billion ($4.07 billion) from the third quarter 2023.
The increase came despite the fact that Richemont’s jewelry division was up against strong comps from Q3 2023, when sales increased 12 percent year-over-year.
Richemont said both its classic jewelry collections—think Cartier “Love” or Van Cleef & Arpels’ “Alhambra” designs—and its new introductions contributed to the increase, particularly during the holiday season.
Watch sales, meanwhile, fell 8 percent in the third quarter, totaling €867 million ($893 million) compared with €939 million ($967 million) in the prior-year period. It is an improvement from the first half of the year, when Richemont’s watch sales were down 16 percent year-over-year.
Richemont, which owns Jaeger-LeCoultre, Vacheron Constantin, and Piaget, among other brands, noted that continued sluggish sales in the Asia Pacific region were a drag on the division.
Watch sales increased across all other regions, including a double-digit increase in the Americas.
In total, Richemont third-quarter sales reached €6.15 billion ($6.35 billion), a 10 percent increase over €5.59 billion ($5.76 billion) in Q3 2023. The company said it was its highest ever quarterly sales total.
The Americas was Richemont’s strongest region, driven by local demand. Sales totaled €1.65 billion ($1.7 billion), up 22 percent at actual and constant exchange rates from €1.36 billion ($1.4 billion) in the prior-year period.
Sales also increased in the Middle East and Africa (up 20 percent), Europe (up 19 percent)—with North American tourists helping to fuel demand—and Japan (up 19 percent).
Sales declined 7 percent in the Asia Pacific region.
Richemont also saw positive results across all of its distribution channels, with sales at company-owned and -operated retail stores up 11 percent, online sales increasing 17 percent, and wholesale and royalty income ticking up 4 percent.
The company’s strong third quarter was better than expected and pushed its shares higher on Thursday.
Year-to-date, Richemont’s sales are pacing slightly ahead of last year’s, totaling €16.23 billion ($16.72 billion), compared with €15.81 billion ($16.29 billion) a year ago.
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