EditorsMar 03, 2025
Drop Necklaces, Archival Pieces Take Over at the 2025 OscarsFrom Doja Cat to Mikey Madison and Selena Gomez, many of this year’s Academy Awards attendees donned drop necklaces.
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
Policies & IssuesMar 03, 2025
Customs Indefinitely Postpones Requirement to Disclose Country of MiningOriginally slated to take effect in April, official U.S. Customs and Border Protection documents now show the implementation date as “TBD.”
SurveysMar 03, 2025
Consumer Confidence Fell in February Amid Concerns About the FutureThe recent jump in the prices of household staples, like eggs, and the potential impact of tariffs worried consumers.
Brought to you by
Have a Plan for EmergenciesEmergencies can happen anytime, anywhere , and Jewelers of America has what you need to be prepared for it all.
Events & AwardsMar 03, 2025
AGA Now Accepting Applications for Its Gemological Education Scholarship The application period for the program is now open for aspiring gemologists around the world.
Weekly QuizFeb 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsFeb 28, 2025
Piece of the Week: Ironhorse Quillwork EarringsThe work of Indigenous designer Joe Big Mountain, these earrings are similar to the pair Lily Gladstone just wore to the SAG Awards.
AuctionsFeb 28, 2025
300-Year-Old Ring With Ties to Witch Trial Judge Up for Auction A metal detectorist uncovered the ring created in memory of Sir Richard Rainsford, who presided over some of England’s last witch trials.
Brought to you by
A Diamond ETF is the Way to Reinvigorate Natural Diamond SalesThe jewelry industry faces challenges from lab-grown diamonds. A diamond ETF can restore natural diamonds' value and drive investor demand.
Recorded WebinarsFeb 28, 2025
Watch: 2025 Jewelry Trends ForecastFine jewelry consultant and publicist Francesca Simons joins Amanda Gizzi and Natalie Francisco to discuss the trends set to rise this year.
TrendsFeb 27, 2025
Model Winnie Harlow Says ‘Yes’ to 3-Stone Engagement RingHarlow’s partner, NBA player Kyle Kuzma, worked with Vobara to design the ring, which features oval and pear-shaped diamonds.
MajorsFeb 27, 2025
Winona Ryder, Iman Star in New Pandora CampaignThe Danish jeweler released the next chapter of its “Be Love” campaign, which celebrates love in all its forms.
SourcingFeb 27, 2025
Gemfields Holds Mini Auction for Higher-Quality EmeraldsThe 13 lots on offer were comprised of material that previously went unsold at the miner’s November auction.
Events & AwardsFeb 27, 2025
JA to Host Workshop During Alabama Jewelers Association ConventionThe learning workshop and the convention are both scheduled to take place April 26 and 27 in Montgomery, Alabama.
Policies & IssuesFeb 26, 2025
EU Once Again Pushes Back Deadline on Diamond Traceability The EU, like the U.S., also now will require diamond importers to provide information about where exactly the diamonds were mined.
SourcingFeb 26, 2025
De Beers, Botswana Make New Diamond Sales Deal OfficialThe formal signing of the agreement comes nearly two years after De Beers and Botswana initially announced they had reached a new deal.
Events & AwardsFeb 26, 2025
JFC Names 2025 ‘Facets’ HonoreesThe charity will celebrate Pandora CEO Alexander Lacik and Brilliant Earth CEO Beth Gerstein at its annual event in Las Vegas.
ColumnistsFeb 25, 2025
Peter Smith: Here’s What I Think Retailers need to have the right merchandise, marketing, and people in place to stay on top in a sea of uncertainty, Peter Smith writes.
EditorsFeb 25, 2025
Out & About: Visiting Tacori’s New Shop-in-Shop Senior Editor Lenore Fedow traveled to Smyth Jewelers in Maryland to see the first of 15 revamped in-store boutiques Tacori is rolling out.
MajorsFeb 25, 2025
Qurate Has a New NameThe parent company of HSN and QVC is undergoing a restructuring.
CollectionsFeb 25, 2025
Michael B. Jordan Stars in David Yurman’s Spring CampaignThe company’s newest brand ambassador Eiza González will also be featured in the ads for the women’s campaign.
SourcingFeb 24, 2025
Colored Stone Market Update: Tracking Industry Trends in TucsonDeclining supply and growing demand persist in the colored gemstone market, presenters from Gemworld said at AGTA GemFair Tucson.
TrendsFeb 24, 2025
Renna’s Lobster Clasp Looks Like a Claw, Now It's Patented by LawThe designer’s new patent transforms the everyday clasp into her jumbo “Lobster Clasp,” modeled after the look of a crustacean’s claw.
Events & AwardsFeb 24, 2025
Bogolo Joy Kenewendo to Speak at Annual JVC LuncheonKenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.
SourcingFeb 24, 2025
Diavik’s Production Down 17% in 2024 Sales at the Rio Tinto-owned mine also slid by a double-digit percentage, falling 37 percent in a difficult market for diamonds.
CollectionsFeb 21, 2025
Piece of the Week: Jade Ruzzo’s ‘Tennessee’ Oval Drop EarringsHeidi Gardner, an SNL cast member, wore the smoky quartz earrings on the “SNL50: The Anniversary Special” red carpet on Sunday.
SourcingFeb 21, 2025
Zambia Lifts 15% Export Duty on Gemstones, Metals The reversal comes less than two months after the Zambian government reinstated the tax in an effort to bring in more money.
MajorsFeb 21, 2025
24 Karat Club of New York Names New PresidentThe organization also announced its newly elected officers and directors.
