EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
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
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says DeloitteIt’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.
SourcingSep 15, 2025
Gemfields Achieves $32M at High-Quality Emerald AuctionIt included the sale of the 11,685-carat “Imboo” emerald that was recently discovered at Kagem.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.
Weekly QuizSep 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, MontanaAssociate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite EarringsFordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley AwardGilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-ShopLocated in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for ThatThe new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to AccountAs the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. HeadphonesJacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
MajorsSep 08, 2025
MJSA Is Officially Now Under JA’s UmbrellaThe two organizations have finalized and signed the affiliation agreement announced in May.
AuctionsSep 08, 2025
Sotheby’s To Auction ‘Exceptional’ Collection of JAR, Suzanne Belperron JewelsThe single-owner sale will headline Sotheby's inaugural jewelry auction at the Breuer building, its new global headquarters, this December.
Events & AwardsSep 08, 2025
27 Can’t-Miss Converge Sessions, Events From sunrise yoga to tariffs talks, these are some events to check out at the upcoming inaugural event.
ColumnistsSep 05, 2025
Peter Smith: A Lasting Lesson From Maurice Tempelsman Smith recalls a bit of wisdom the industry leader, who died last week, shared at a diamond conference years ago.
CollectionsSep 05, 2025
Piece of the Week: Jamie Turner’s ‘Victoria’ Necklace The “Victoria” necklace features a labradorite hugged by diamond accents in 18-karat yellow gold.
Policies & IssuesSep 05, 2025
Trump Takes Tariffs Case to the Supreme Court Two lower courts have moved to block the import taxes, which will remain in place as the legal battle continues.
