MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
FinancialsMay 22, 2018
Richemont’s Retail Sales Grow while Wholesale Slides
The owner of jewelry and watch brands including Cartier and Jaeger-LeCoultre bought back nearly $240 million in watches during the fiscal year.
Geneva--Sales of jewelry and watches at the company’s own stores were what fueled growth for Richemont, while the wholesale side of the business—particularly in watches—continues to shrink.
The Geneva-based luxury goods conglomerate reported Friday that for the fiscal year ended March 31, total sales rose 3 percent year-over-year (8 percent at constant exchange rates) to $12.93 billion. Operating profit grew by 5 percent and operating margin was 16.8 percent, up from 16.6 percent in the fiscal year ended March 31, 2017.
Retail sales, meaning sales at company-owned and -operated stores and websites, increased 8 percent (14 percent at constant exchange rates).
Richemont, which owns Cartier, Van Cleef & Arpels, Piaget and watch brands including Vacheron Constantin, Baume & Mercier and Jaeger-LeCoultre, said jewelry and watch sales fueled the increase on the retail side, noting that it opened a net of six jewelry and watch stores during the fiscal year.
Meanwhile, wholesale sales, including sales to franchise partners, declined 5 percent (1 percent at constant exchange rates). Watches were a particularly weak category at wholesale, with sales declining by a double-digit percentage.
In the chairman’s commentary on the results, Johann Rupert said jewelry “continued to perform strongly” while Richemont is “continuing to address the challenges” that confront its watch business.
Rupert said its watch brands are focused on optimizing distribution networks and managing sell-in versus sell-out at the jewelry stores that carry them. Richemont bought back a total of $238.6 million in watches from retailers over the fiscal year after buying back more than $300 million in the prior fiscal year.
He also said the company’s approach to keeping its watches off the gray market, meaning out of the hands of unauthorized dealers, “remains uncompromising.”
RELATED CONTENT: Is the Gray Market Slowing Down?Region-wise, Richemont saw sales grow by a double-digit percentage in mainland China, Hong Kong, Korea and Macau, while sales in the Americas were up 1 percent (8 percent at constant exchange rates). The reopening of the Cartier flagship store in New York helped boost results in the region.
Also during the fiscal year, Richemont moved to expand its e-commerce reach by putting in a bid to take full control of Yoox Net-a-Porter, the online retailer in which it currently has a 49 percent stake. It would take Yoox Net-a-Porter, which trades on the Milan stock exchange, private and operate it as a separate company.
More on Financials
The Latest
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.
AuctionsJun 10, 2025
Noonans to Auction 16th-Century Signet RingIt's one of the “Gresham grasshopper” rings English financier Sir Thomas Gresham was known to gift to acquaintances or business associates.
CollectionsJun 10, 2025
Tabayer Names Mary Chiam as CEOThe brand also debuted its new “Zorae” collection featuring a talisman of protection and harmony inspired by a sheaf of wheat.
MajorsJun 10, 2025
Lauren Johansen Joins Loudr As Loudr’s new account manager, Johansen will partner with clients to craft and execute marketing strategies.
Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are … Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
IndependentsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
MajorsJun 09, 2025
RDI Diamonds Partners With LavalierThe diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
