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Richemont’s Jewelry Sales Soar for the Seventh Quarter in a Row
Jewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
A white gold necklace from Vhernier’s new high jewelry collection, “Freccia” (arrow), featuring lapis, rock crystal, diamonds, and white mother of pearl. Richemont, which owns Vhernier, saw a double-digit increase in sales across all its jewelry brands in the first quarter.
Geneva—Sales for the four jewelry brands Richemont owns rose more than 20 percent to start the year, growth the luxury conglomerate described as “remarkable.”
In the first quarter ended June 30, Buccellati, Cartier, Van Cleef & Arpels, and Vhernier posted a combined 21 percent year-over-year increase in sales (24 percent on a constant exchange rate basis) to €4.73 billion ($5.41 billion), Richemont reported Wednesday.
It marked the seventh consecutive quarter of double-digit sales growth for the company’s jewelry brands.
Sales for Richemont’s watch brands were not as robust but continued to improve, increasing 6 percent (8 percent at constant exchange rates) to €873 million ($1 billion).
According to Richemont, all its brands did well all over the world.
The company said, “Both jewelry and watch lines performed strongly, fueled by constant innovation underpinning the desirability of iconic creations. Growth was broad-based, with sales up across all maisons, regions, and channels.”
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In the first quarter ended June 30, Buccellati, Cartier, Van Cleef & Arpels, and Vhernier posted a combined 21 percent year-over-year increase in sales (24 percent on a constant exchange rate basis) to €4.73 billion ($5.41 billion), Richemont reported Wednesday.
It marked the seventh consecutive quarter of double-digit sales growth for the company’s jewelry brands.
Sales for Richemont’s watch brands were not as robust but continued to improve, increasing 6 percent (8 percent at constant exchange rates) to €873 million ($1 billion).
According to Richemont, all its brands did well all over the world.
The company said, “Both jewelry and watch lines performed strongly, fueled by constant innovation underpinning the desirability of iconic creations. Growth was broad-based, with sales up across all maisons, regions, and channels.”
While sales increased across the board, Richemont did call out Vacheron Constantin, Jaeger-LeCoultre, and A. Lange & Söhne as its top-selling watch brands, while it said the Americas and Japan were the strongest regions for watch sales.
The company also owns IWC Schaffhausen, Panerai, Piaget, and Roger Dubuis; it sold Baume & Mercier to the Damiani Group.
Richemont’s total sales reached €6.33 billion ($7.24 billion) in the first quarter, a 17 percent increase (20 percent at constant exchange rates) compared with the prior-year period.
The company saw growth across all regions, with sales in the Americas increasing 25 percent (27 percent at constant exchange rates), fueled by local spending over tourist spending, Richemont noted.
The only region that did not record a double-digit increase in sales was the Middle East & Africa, where sales rose only 1 percent (3 percent at constant exchange rates) due to the “significant drop” in tourist spending in the Middle East.
Richemont also recorded growth across all its sales channels.
Retail sales increased 21 percent (24 percent on a constant exchange rate basis); online sales were up 15 percent (18 percent on a constant exchange rate basis); and wholesale sales and royalty income rose 7 percent (9 percent on a constant exchange rate basis).
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