TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
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
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
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
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.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
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.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
