WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
FinancialsMay 15, 2020
Richemont’s Jewelry Sales Resilient in a Rough Q4
The luxury titan behind Cartier and Van Cleef posted an 18 percent drop in quarterly sales amid the coronavirus pandemic.
A Piaget cuff in 18-karat pink gold set with a 6.68-carat purplish-pink spinel, red spinel, pink spinel, pink sapphire, spessartite garnet and diamonds. Richemont’s jewelry division was a growth driver in the fourth quarter.
Geneva—Richemont posted a double-digit drop in fourth-quarter sales as the COVID-19 pandemic took its toll, but said better days may lie ahead as it notes strong demand at its reopened boutiques in China.
Sales in the company’s fiscal fourth quarter, which ended March 31, dipped 18 percent year-over-year at actual exchange rates with the Asia-Pacific region hit especially hard.
Protests in Hong Kong coupled with the COVID-19 pandemic contributed to a 36 percent drop in sales, including a 67 percent decline in Hong Kong.
In the Americas, quarterly sales were up 9 percent year-over-year while in Europe, sales were down 9 percent.
Richemont noted its jewelry brands and online distributors were growth-drivers and “showed resilience” despite the rough quarter.
“The luxury goods industry is in a privileged position,” said Chairman Johann Rupert in a statement, adding that hard luxury products are the embodiment of “centuries of heritage and craft skills.”
“Cartier was established in 1847 and has survived two world wars; Vacheron Constantin began manufacturing watches in its current premises in Geneva in 1755,” he said. “Our maisons will survive these difficult times, supported by the strength of Richemont’s balance sheet.”
In the full fiscal year ended March 31, sales were flat at constant exchange rates, totaling €14.24 billion ($15.37 billion), slightly higher than the €14.1 billion ($15.2 billion) analysts had expected.
Excluding online sales, annual sales were down 3 percent year-over-year at constant exchange rates.
Retail sales (sales at Richemont-owned and -operated boutiques) dipped 2 percent at constant exchange rates, which the company attributed to the protests in Hong Kong and France earlier in the fiscal year as well as the impact of the COVID-19 pandemic starting in January.
Wholesale sales fell 5 percent with growth in Japan offset by declines in other regions as a result of store closures and social unrest.
Its specialist watchmakers division, which also includes A. Lange & Söhne and IWC Schaffhausen, also weighed on wholesale results as it continued to focus on optimizing its wholesale network and balancing sell-in with sell-out, said Richemont.
Online sales posted double-digit growth in nearly every region, up 14 percent at constant exchange rates and accounting for 19 percent of sales for the year, up from 16 percent a year ago.
Sales in Richemont’s jewelry division were up 2 percent at actual exchange rates in the fiscal year, reaching €7.22 billion ($7.80 billion) with strong online sales.
Richemont attributed the increase in part to the opening of
Editors' Picks
Sponsored by
the virtual Cartier flagship store on TMall’s Luxury Pavilion in January, a website operated by Chinese tech titan Alibaba Group.
Jewelry collections that performed particularly well included Cartier’s new “Clash de Cartier” collection and Van Cleef & Arpels’ “Juste un Clou” and “Perlée” lines.
As for the jewelry brand’s watch offerings, Cartier’s revamped Baignore and Santos de Cartier did well alongside Van Cleef & Arpels’ Alhambra collections.
Buccellati, the Italian jewelry brand Richemont acquired in September 2019, also performed well, especially the “Macri” collection.
The jewelry segment posted mid- to high single-digit sales growth in the Americas, Europe, and Japan, which offset a decline in the Asia-Pacific region.
The company recently renovated its Van Cleef & Arpels store on Los Angeles’ Rodeo Drive and relocated the Cartier boutique in China World Beijing.
Its specialist watchmakers division faced a “challenging environment” with sales slipping 4 percent to €2.9 billion ($3.13 billion).
The division performed well in the Americas and Japan, but retail and wholesale sales were down overall.
The company highlighted the performance of Panerai’s new “Submersible Carbotech” collection and the anniversary editions of A. Lange & Söhne’s “Lange 1.”
Richemont’s operating results sank 20 percent as a result of lower sales, higher gold prices, “strict” cost control, and a stronger Swiss franc, which was partly mitigated by a stronger U.S. dollar.
By region, full-year sales in the Americas grew 6 percent at constant exchange rates to €2.81 billion ($3.03 billion).
European sales were up 4 percent, while sales in Japan dipped 1 percent. Sales in Asia-Pacific, the company’s largest region, fell 6 percent.
The Middle East and Africa posted a 3 percent dip in sales.
As for fiscal guidance, Rupert said there is “very limited visibility as to what the year ahead holds.”
But he said there are signs of improvement, noting the company’s 462 boutiques in China have seen “strong demand” since reopening in March.
Jewelry collections that performed particularly well included Cartier’s new “Clash de Cartier” collection and Van Cleef & Arpels’ “Juste un Clou” and “Perlée” lines.
As for the jewelry brand’s watch offerings, Cartier’s revamped Baignore and Santos de Cartier did well alongside Van Cleef & Arpels’ Alhambra collections.
Buccellati, the Italian jewelry brand Richemont acquired in September 2019, also performed well, especially the “Macri” collection.
The jewelry segment posted mid- to high single-digit sales growth in the Americas, Europe, and Japan, which offset a decline in the Asia-Pacific region.
The company recently renovated its Van Cleef & Arpels store on Los Angeles’ Rodeo Drive and relocated the Cartier boutique in China World Beijing.
Its specialist watchmakers division faced a “challenging environment” with sales slipping 4 percent to €2.9 billion ($3.13 billion).
The division performed well in the Americas and Japan, but retail and wholesale sales were down overall.
The company highlighted the performance of Panerai’s new “Submersible Carbotech” collection and the anniversary editions of A. Lange & Söhne’s “Lange 1.”
Richemont’s operating results sank 20 percent as a result of lower sales, higher gold prices, “strict” cost control, and a stronger Swiss franc, which was partly mitigated by a stronger U.S. dollar.
By region, full-year sales in the Americas grew 6 percent at constant exchange rates to €2.81 billion ($3.03 billion).
European sales were up 4 percent, while sales in Japan dipped 1 percent. Sales in Asia-Pacific, the company’s largest region, fell 6 percent.
The Middle East and Africa posted a 3 percent dip in sales.
As for fiscal guidance, Rupert said there is “very limited visibility as to what the year ahead holds.”
But he said there are signs of improvement, noting the company’s 462 boutiques in China have seen “strong demand” since reopening in March.
More on Financials
The Latest
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
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.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
Weekly QuizApr 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
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.
SourcingApr 09, 2026
AGA To Honor ‘Quiet Leadership’ With New AwardThe Alan Hodgkinson Medal recognizes gemologists who are consistently generous with their time and expertise.
WatchesApr 09, 2026
Oris Names New CEO, CFOThe Swiss watchmaker is changing up its executive leadership team as part of a restructuring.
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
SourcingApr 08, 2026
Sale of 42-Carat Blue Diamond Gives Petra a Boost in Q3The big diamond’s sale added to the company’s revenue though the market remains “challenging” overall, particularly for smaller goods.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
SourcingApr 06, 2026
Gemfields Reports $51M Loss in 2025Both its mines faced challenges last year, from operational issues to disruptions in the market.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
