FinancialsMay 08, 2025
Brilliant Earth Notes an Uptick in Engagement Ring Sales in Q1FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024
Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
Cartier, one of the jewelry brands Richemont owns, opened a new boutique inside Los Angeles International Airport earlier this year. Richemont’s jewelry brands, Cartier as well as Van Cleef & Arpels, Buccellati, and Vhernier, were the company’s top performers in 2024. (Image credit: Paul Vu, Here and Now Agency)
Geneva—After a sluggish start, sales surged in the second half of the year for Richemont despite the “persistently uncertain” geopolitical and macroeconomic environment.
Richemont reported Friday that sales for the fiscal year ending March 31 totaled €21.4 billion ($23.89 billion), a 4 percent year-over-year increase.
The company noted that sales were up 10 percent year-over-year in the third quarter and 8 percent in the fourth quarter.
Japan (sales up 30 percent) and the Americas (sales up 15 percent) were the strongest regions, while the company’s jewelry brands outperformed watches, fashion, and accessories.
Sales for Richemont’s jewelry brands—Cartier, Van Cleef & Arpels, Buccellati, and Vhernier—grew 8 percent year-over-year to €15.33 billion ($17.11 billion).
Operating profit increased 4 percent to €4.9 billion ($5.47 billion) and operating margin was 31.9 percent, supported by strong sales, particularly in the second half of year, as well as keeping down operating costs and “targeted” price increases, all of which help to offset the high price of gold, Richemont said.
Customers gravitated to the brands’ classic collections, including the medium and hinge versions of the iconic Cartier “Love” bracelet and Van Cleef & Arpels’ “Perlée” diamonds.
During the year, the company reopened the Cartier stores in the South Coast Plaza shopping center in Costa Mesa, California, and in the Dubai Mall; opened new Van Cleef & Arpels stores on Madison Avenue in New York and in Amsterdam; and opened a Buccellati flagship in Riyadh, Saudi Arabia.
Richemont noted that its direct-to-client sales were particularly strong and have increased to 85 percent of its total jewelry sales.
Related stories will be right here …
Richemont reported Friday that sales for the fiscal year ending March 31 totaled €21.4 billion ($23.89 billion), a 4 percent year-over-year increase.
The company noted that sales were up 10 percent year-over-year in the third quarter and 8 percent in the fourth quarter.
Japan (sales up 30 percent) and the Americas (sales up 15 percent) were the strongest regions, while the company’s jewelry brands outperformed watches, fashion, and accessories.
Sales for Richemont’s jewelry brands—Cartier, Van Cleef & Arpels, Buccellati, and Vhernier—grew 8 percent year-over-year to €15.33 billion ($17.11 billion).
Operating profit increased 4 percent to €4.9 billion ($5.47 billion) and operating margin was 31.9 percent, supported by strong sales, particularly in the second half of year, as well as keeping down operating costs and “targeted” price increases, all of which help to offset the high price of gold, Richemont said.
Customers gravitated to the brands’ classic collections, including the medium and hinge versions of the iconic Cartier “Love” bracelet and Van Cleef & Arpels’ “Perlée” diamonds.
During the year, the company reopened the Cartier stores in the South Coast Plaza shopping center in Costa Mesa, California, and in the Dubai Mall; opened new Van Cleef & Arpels stores on Madison Avenue in New York and in Amsterdam; and opened a Buccellati flagship in Riyadh, Saudi Arabia.
Richemont noted that its direct-to-client sales were particularly strong and have increased to 85 percent of its total jewelry sales.
Sales for Richemont’s watch brands, a list that includes IWC Schaffhausen, Jaeger-LeCoultre, Vacheron Constantin, and A. Lange & Söhne, fell 13 percent year-over-year to €3.28 billion ($3.66 billion), dragged down by the 27 percent sales decline in the division’s key market, Asia Pacific.
Operating profit fell 69 percent to €175 million ($195.4 million) primarily due to lower sales.
While watch sales remain subdued in China, Hong Kong, and Macau, sales rose by high single-digits in the Americas and Japan, with “notable” growth in sales in the Americas in the second half of the year.
During the year, the company opened an IWC Schaffhausen flagship store in Paris, a Vacheron Constantin store in Munich, Germany, and rolled out the new Piaget concept stores across the Middle East and Asia.
Richemont said direct-to-client sales account for 60 percent of its total watch sales, unchanged from the previous fiscal year, but up from 40 percent five years ago.
Commenting on Richemont’s full-year results, Chairman Johann Rupert noted the executive changes at the company during the fiscal year.
Van Cleef & Arpels CEO Nicolas Bos was promoted to CEO of Richemont, effective June 1, while Cartier CEO Cyrille Vigneron retired on Sept. 1, after eight years in the position.
Jaeger-LeCoultre CEO Catherine Rénier was selected to succeed Bos, while Vacheron Constantin CEO Louis Ferla was tapped to take over for Vigneron at Carter.
In December, Richemont announced that Jérôme Lambert would succeed Rénier at Jaeger-LeCoultre, while Laurent Perves was promoted to CEO of Vacheron Constantin.
Richemont also added another jewelry brand to its portfolio in 2024, acquiring Vhernier.
“As I have said before, ongoing global uncertainties will continue to require strong agility and discipline,” Rupert said.
“Richemont has solid foundations for sustained value creation over time, built upon our leading maisons’ unique heritage and innovative craftsmanship, coupled with an increasingly balanced and tailored regional presence that allows us to better connect with and enchant our clients.”
Editors' Picks
Sponsored by
More on Financials
The Latest
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
MajorsApr 20, 2026
Kendra Scott Names New CFO, Chief Business OfficerThe jewelry retailer plans to open 20 new stores this year and expand into new product categories.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
