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.

Michelle Graff michelle.graff@nationaljeweler.com

New Cartier store at Los Angeles airport

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.

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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.”