Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
FinancialsNov 08, 2019
Jewelry Sales Boost Richemont’s H1 Results
Sales in its jewelry division, which includes Cartier and Van Cleef & Arpels, climbed 8 percent.
A pair of platinum Cartier earrings set with diamonds and spinel from the brand’s high jewelry collection. The Richemont-owned brand had success with its iconic collections in the first half of the year.
Geneva—Richemont missed the mark in the first-half but its jewelry sales remained strong, with Van Cleef and Cartier leading the charge alongside the luxury titan’s e-commerce sites.
First-half sales totaled €7.40 billion ($8.16 billion), a 6 percent increase at constant exchange rates, but lower than the €7.49 billion ($8.26 billion) analysts had expected.
Sales increased just 2 percent on a comparable basis, excluding online sales.
Retail sales (sales at Richemont-owned and operated boutiques) grew 4 percent at constant exchange rates, seeing growth in all regions except the United States where sales were “stable.”
Wholesale sales were down 1 percent at constant exchange rates with growth in Japan and Asia-Pacific outweighed by declines in other regions.
The jewelry houses generated higher wholesale sales compared with other areas, noted Richemont.
Online sales jumped 28 percent with “significant progress” seen in all regions, particularly in the Americas, Middle East and Africa. The double-digit boost is due in part to the recently acquired Yoox Net-A-Porter Group and Watchfinder & Co. being included for the full six-month period.
Sales in Richemont’s jewelry division were up 8 percent to €3.74 billion ($4.13 billion).
Sales at Cartier and Van Cleef were driven by a high-single digit increase in jewelry and a low-single digit increase in watches, Richemont said, with “noteworthy performances” in the Asia-Pacific region and Japan.
Cartier’s Panthère and Santos watch collections did particularly well. The launch of its new Clash collection was a success, Richemont said, with production ramping up ahead of the holiday season to address unmet demand.
For Van Cleef & Arpels, demand for the Alhambra and Perlée collections remained “remarkably strong.”
Richemont recently added to its jewelry portfolio, acquiring Italian jeweler Buccellati in a private deal in September.
Sales in its specialist watchmakers division, which includes A. Lange & Söhne and IWC Schaffhausen, were down 1 percent at constant exchange rates to €1.57 billion ($1.73 billion).
Lower wholesale sales were offset by mid-single digit growth in directly operated boutiques.
The strongest growth was seen at Panerai, A. Lange & Söhne and Vacheron Constantin and, regionally, in Japan.
Sales in Hong Kong, a key market for watches, fell double-digits while sales in Asia-Pacific were “muted.”
“Hong Kong is very exposed to watches and jewelry. The market was down around 10 percent in the first quarter, then we had a severe drop in the second quarter,” said Chief Financial Officer Burkhart Grund during an earnings call Friday morning.
Protests in Hong Kong, alongside
a strong currency, have weighed on luxury sales in the area for Richemont and the industry at large.
“We’re not too worried about the jewelry business,” said Burkhardt, noting the distinction between jewelry and high jewelry.
By region, first-half sales in the Americas increased by 6 percent to €1.35 billion ($1.49 billion).
Sales in Europe were up 7 percent with U.K. sales climbing double digits, while sales in Japan rose 13 percent, buoyed by strong domestic and tourist spending.
Sales in Asia-Pacific, the company’s largest region, rose 5 percent with double-digit sales growth in China and Korea offsetting a double-digit drop in Hong Kong.
The Middle East and Africa was the sole region to record a decline in first-half sales, down 1 percent due in part to cutting ties with select wholesalers and geopolitical uncertainties.
Richemont didn’t provide guidance for the year ahead, but said on the call that the company will not exit the Hong Kong market.
“We’re not too worried about the jewelry business,” said Burkhardt, noting the distinction between jewelry and high jewelry.
“The jewelry business has continued to motor on as strongly as we’ve seen in previous years, whereas the [positive] seasonal effect of high jewelry will play out more in the second half of this fiscal year.”
By region, first-half sales in the Americas increased by 6 percent to €1.35 billion ($1.49 billion).
Sales in Europe were up 7 percent with U.K. sales climbing double digits, while sales in Japan rose 13 percent, buoyed by strong domestic and tourist spending.
Sales in Asia-Pacific, the company’s largest region, rose 5 percent with double-digit sales growth in China and Korea offsetting a double-digit drop in Hong Kong.
The Middle East and Africa was the sole region to record a decline in first-half sales, down 1 percent due in part to cutting ties with select wholesalers and geopolitical uncertainties.
Richemont didn’t provide guidance for the year ahead, but said on the call that the company will not exit the Hong Kong market.
More on Financials
The Latest
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
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.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
Weekly QuizJul 10, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
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.
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the AmericasLongtime LVMH executive Michael Burke has stepped into the role.
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales DirectorVickie Rokkos has joined the jewelry company as its new national sales director of North America.
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show TipsSponsored by Rio Grande Jewelry Supply
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s SweetnessThe “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.
EditorsJul 09, 2025
The Most-Read Stories of 2025, So FarDiamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.
SourcingJul 09, 2025
Florida Couple Finds 3-Carat Diamond in ArkansasThey discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.
CollectionsJul 08, 2025
Mikimoto’s High Jewelry Collection Turns Pearls into PetalsThe “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.
ColumnistsJul 08, 2025
Peter Smith: Why Jewelers Struggle With Premium PricingLuxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.
IndependentsJul 08, 2025
David Rotenberg of David Craig Jewelers Dies at 79Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.
TechnologyJul 08, 2025
‘Diamond Divas’ Brings the Showroom to Social Media Reality SeriesIt follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.
Policies & IssuesJul 08, 2025
SMO Gold Launches New FoundationIn its inaugural year, the SMO Foundation will focus on supporting two organizations in West Africa and one in South America.
Policies & IssuesJul 07, 2025
Higher Tariffs Set to Take Effect Aug. 1, Officials SayThe announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.
SourcingJul 07, 2025
Natural Diamond Council CEO David Kellie To Step DownKellie, who joined the organization in 2019, will remain in his role through the end of 2025.
CrimeJul 07, 2025
7 Suspects Charged in California Jewelry Store BurglaryPolice officers apprehended the suspects as they were allegedly attempting to gain entry into another jewelry store.
Events & AwardsJul 07, 2025
Applications Open for Ella Klein Internship The program, a collaboration between Julius Klein Diamonds and the Women’s Jewelry Association, is in its second year.
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
