AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
FinancialsMay 21, 2019
Richemont Full-Year Profit Doubles as Jewelry Sales Climb
Sales in the jewelry division, which includes Cartier and Van Cleef & Arpels, climbed 10 percent to nearly $8 billion.
A platinum and 18-karat red, pink and yellow gold necklace from Richemont-owned Piaget’s "Sunlight Journey" collection, set with red spinels and yellow and white diamonds.
Geneva—Luxury titan Richemont reported double-digit sales growth in the US and China in its annual results, buoyed by a strong performance from the jewelry sector.
Overall sales totaled €13.99 billion ($15.63 billion), a 27 percent increase compared with €11.01 billion ($12.30 billion) a year ago.
Net profit more than doubled to €2.79 billion ($3.12 billion), including €1.38 billion ($1.54 billion) stemming from its recent acquisition of e-tailer Yoox Net-A-Porter Group (YNAP) and pre-owned watch platform Watchfinder.
Sales in its jewelry division, which includes Cartier and Van Cleef & Arpels, were up 10 percent at constant exchange rates to €7.08 billion ($7.91 billion) compared with €6.45 billion ($7.20 billion) last year.
The division’s operating results rose 16 percent to €2.22 billion ($2.48 billion) while its operating margin improved 160 basis points to more than 31 percent.
Richemont CFO Burkhart Grund attributed the strong results to “higher sales, manufacturing efficiency gains, relatively favorable Swiss franc, and good cost control, which more than offset investments in retail and communication.”
Jewelry sales were strong in all regions and in all channels, accounting for 51 percent of group sales, said Grund during the earnings call.
Evergreen collections, including “Love” and “Juste un Clou” by Cartier and “Alhambra” and “Perlée” by Van Cleef & Arpels, were strong performers. New collections, like “Galaxies” by Cartier and “Frivole” by Van Cleef & Arpels, held their own as well.
Sales in its specialist watchmakers division, which includes A. Lange & Söhne and IWC Schaffhausen, were up 10 percent at constant exchange rates to €2.98 billion ($3.33 billion) compared with €2.71 billion ($3.03 billion) a year ago.
Growth was “broad-based across the collections,” said Grund, with the launch of “Santos de Cartier” and “Poetic Complications” by Van Cleef & Arpels performing especially well.
The division’s operating results rose 44 percent to €378 million ($422 million), but its operating margin was 12.7 percent.
Although an improvement from the previous year, analysts expressed concern about the watch division’s weak profitability.
“Profitability still seems to be lagging especially in the specialist watchmaker division,” said Exane BNP Paribas analyst Melania Grippo to Reuters.
“I think, if you look at just the reported numbers, I think that the performance at the specialist watchmakers is underappreciated,” said Grund during the earnings call, pointing to double-digit growth in the retail network.
Another cause for concern was the operating loss of €264 million ($295
million) generated by its online distributors, including investments in its technology and €165 million ($184 million) related to its recent acquisitions.
YNAP reported double-digit growth across all regions while Watchfinder’s sales saw single-digit growth, due in part to “persisting uncertainty around Brexit” and the temporary closure of its London Royal Exchange flagship store for renovation.
Though online distributors saw an increase in sales, the division was only “slightly contributive” on an EBITDA basis, said Grund.
By region, sales in the Americas climbed 40 percent to €2.55 billion ($2.85 billion) while sales in Europe were up 37 percent to €4.12 billion ($4.60 billion).
The company attributed the strong growth in the regions in part to the acquisition of YNAP, which has a strong sales base in the U.S. and Europe.
Sales in Japan rose 16 percent to €1.15 billion ($1.28 billion) while sales in the Middle East and Africa rose 8 percent to €929 million ($1.03 billion).
Sales in Asia Pacific, the company’s largest region, rose 20 percent to €5.24 billion ($5.85 billion) with sales in mainland China leading the charge. The company opened 20 internal and 19 franchise stores in the region this year.
Looking for a stronger foothold in the Chinese luxury market, Richemont announced a joint venture with Chinese e-commerce giant Alibaba last October, outlining plans for launching two mobile apps for YNAP’s Net-A-Porter and Mr Porter.
Richemont CEO Jérôme Lambert said on the earnings call that the company’s joint venture is progressing “very well” and a CEO search is underway, but he did not give a timeline for when the apps will be up and running.
More on Financials
The Latest
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
Weekly QuizJun 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
ColumnistsJun 24, 2026
The Revenue Hiding Between Your Counter and Your Online CartJewelers are missing out by not offering this one key add-on at the online point of sale, Emmanuel Raheb writes.
CollectionsJun 24, 2026
Greenwich St. Jewelers, Jewel Boxing’s Latest Drop Is On-TrendThe fourth collaborative collection from the retailer and jewelry content creator focuses on gemstone charms and strands of colorful beads.
Events & AwardsJun 24, 2026
AGTA Accepting Entries for Spectrum 2026This year’s AGTA Spectrum & Cutting Edge Awards will feature two new categories.
SourcingJun 24, 2026
Columbia Gem House To Offer Alexandrite Melee OnlineThe collection features traceable alexandrite from Brazil in calibrated sizes that is sorted by grade.
MajorsJun 24, 2026
CaratLane Names New Chief Sales OfficerDhaval Raja has been appointed to the role.
CollectionsJun 23, 2026
Francesca Villa Goes ‘On the Road’The capsule collection looks to vintage trunk pins that echo the spirit of speed, freedom, and the mythology of the American road trip.
SourcingJun 23, 2026
New Paraíba Tourmaline Source Reportedly Discovered in EthiopiaSSEF issued a notice about the potential new source of the sought-after gemstone, citing “credible reports” from trade sources.
MajorsJun 23, 2026
Etsy Says ‘Shop Other Jeffs’ This Prime DayAs Amazon Prime Day kicks off, Etsy is encouraging shoppers to support small businesses.
Events & AwardsJun 23, 2026
AGA Announces 2026 Scholarship WinnerCole Winward is the recipient of 2026 AGA Gemological Scholarship.
EditorsJun 22, 2026
15 Pieces of Jewelry That Brought Us Joy in Vegas Whether they evoked nostalgia, wonder, or laughter, these jewels put a smile on our faces.
Events & AwardsJun 22, 2026
Plans Announced for New Trade Show in BaselScheduled for April 2027, Basilia will be the first watch and jewelry trade show held in Basel since the collapse of Baselworld in 2020.
Events & AwardsJun 22, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
WatchesJun 22, 2026
Snoopy Inspires New ‘Flying Ace’ Ball WatchThe beloved beagle dons his aviator outfit for the new Engineer Master II Snoopy Flying Ace timepiece.
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
