CrimeMay 23, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
FinancialsSep 15, 2016
Richemont Anticipates Sharp Drop in Profit
A “difficult” global environment and having to buy back watches from retailers battered sales and profits in the first five months of the company’s fiscal year.
The Piaget Polo S Chronograph in blue ($12,400) is part of the brand’s new “entry-level” Polo S series introduced at an event held earlier this year in New York. Piaget’s parent company Richemont is struggling with sliding watch sales around the globe.
Geneva--A “difficult” global environment and having to buy back watches from retailers, particularly in Hong Kong and Macau, battered sales and profits for Richemont in the first five months of its fiscal year.
Ahead of its annual general meeting Wednesday in Geneva, the luxury goods conglomerate reported that between April and August, global sales dropped 13 percent year-over-year at constant exchange rates and 14 percent at actual rates.
Excluding the impact of the “exceptional watch returns” from the multi-brand retailers that stock Richemont’s watches--brands such as Baume & Mercier, Jaeger-LeCoultre, Vacheron Constantin and Piaget--sales were down 10 percent on a constant currency basis.
Looking ahead, the company said it expects the challenging retail environment to persist, and forecasts profit for the six-month period ending Sept. 30 to be down about 45 percent year-over-year.
“We are of the view that the current negative environment as a whole is unlikely to reverse course in the short term,” the company said in a statement. “However, we remain convinced of the long-term prospects for luxury goods globally and in particular for watches and jewelry.”
While Richemont turned in negative performances in all regions, the sales drop in the Americas was not as sharp.
Sales in the first five months of the year were down 6 percent in the region, with slow watch sales dragging down what was a positive performance by jewelry (Richemont owns Cartier and Van Cleef & Arpels) and accessories. That is significantly better than the 18 percent drop in Europe and the 25 percent in Japan, Richemont’s worst-performing region.
Richemont’s retail channel, which saw sales decline 6 percent in the period, outperformed its wholesale channel, which experienced a 21 percent drop in sales, and jewelry sales (down 15 percent) outperformed watches (down 18 percent).
The company is set to report its results for the six-month period ended Sept. 30 on Nov. 4.
Richemont’s particularly dim watch results signal more trouble for the struggling Swiss industry, which back in July saw watch giant Swatch Group report an 11 percent drop in sales at constant exchange rates and a 52 percent decline in profit for the first six months of the year.
More on Financials
The Latest
CollectionsMay 23, 2025
Piece of the Week: Bliss Lau’s ‘Bright’ RingFrom Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.
GradingMay 23, 2025
GIA Updates Pearl Classification SystemThe lab has adjusted the scale it uses for nacre grading.
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.
Supplier BulletinMay 22, 2025
How to Put Natural Diamonds Back in the SpotlightSponsored by GCAL by Sarine
Weekly QuizMay 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeMay 22, 2025
NY Jeweler Sentenced in Shoving Death of Colleague at IJO ShowDavid Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.
IndependentsMay 22, 2025
Adeler Jewelers Celebrates 50 YearsThe family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
Events & AwardsMay 22, 2025
Jose Hess Design Awards Announce JudgesThe nonprofit elected five judges who will decide the winners of its design competition.
MajorsMay 22, 2025
MJSA Releases 2025-2026 Buyer’s GuideThis year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.
CollectionsMay 21, 2025
Bulgari Highlights Its Colorful Past in Phenomenal ‘Polychroma’ CollectionThe jeweler’s high jewelry collection features extraordinary gemstones, like a 241.06-carat emerald and the world’s fourth-largest spinel.
ColumnistsMay 21, 2025
Edahn’s Take: Analyzing the 2025 ‘$100 Million Supersellers’ List In a special column for the State of the Majors, Edahn Golan breaks down what the top-performing fine jewelry sellers are doing right.
MajorsMay 21, 2025
Beyoncé Dons Brilliant Earth Necklace During Cowboy Carter TourThe bolo tie necklace is inspired by “Queen Bey” and set with a nearly 15-carat black diamond.
SourcingMay 21, 2025
Gem Legacy Expands Advisory CouncilThe nonprofit focused on mining communities in East Africa has added three new members to its advisory council.
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, PresidentCurrent Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.
ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeCommunicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 YearsThe “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. StoreTanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth LocationThe retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern WorldSapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
