MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
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
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
