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.
FinancialsJul 16, 2020
Richemont’s Jewelry Sales Sink 41% in Q1
The luxury titan posted double-digit declines across all regions, categories and distribution channels as COVID-19 took its toll.
A white gold and diamond tiara from Richemont-owned brand Buccellati’s high jewelry collection. The luxury conglomerate’s jewelry sales showed resilience compared with other categories in Q1 but still sank 41 percent.
Geneva—Richemont’s first-quarter sales fell by nearly half with double-digit declines across all regions, categories, and distribution channels amid the COVID-19 pandemic.
The luxury titan posted a 47 percent drop year-over-year in quarterly sales at actual and constant exchange rates to just under €2 billion ($2.27 billion) compared with €3.74 billion ($4.27 billion) in 2019.
The decline in sales is the result of “unprecedented levels of disruption,” said Richemont, which led to store closures, a halt in tourism and a dip in consumer sentiment.
Richemont’s online distributors and jewelry maisons both fared better than other categories in the first quarter ended June 30.
Sales in Richemont’s jewelry division, which includes Cartier and Van Cleef & Arpels, were down 41 percent at constant and actual exchange rates, reaching €1.08 billion ($1.24 billion) compared with €1.83 billion ($2.09 billion) a year ago.
The Asia-Pacific region saw a lower rate of decline than other areas, with sales in China up 68 percent over the period, due in part to increased online and in-store spending.
Richemont also credited the increase to the recently opened virtual Cartier flagship store on Tmall Luxury Pavilion, a website operated by Chinese tech giant Alibaba Group.
Milan-based jewelry brand Buccellati recently debuted a new ad campaign paying homage to Italian history, starring aristocrat and journalist Beatrice Borromeo.
Sales in Richemont’s specialist watchmakers division sank 56 percent to €359 million ($409.7 million) compared with €823 million ($939.3 million) in 2019.
The decline was due in part to a “strong reliance” on multi-brand retail partners, limited reach to the Chinese market, and poor online retail penetration, said Richemont.
To help remedy those issues, the division has launched several online initiatives and has participated in the “Watch Show on the Cloud” event to reach the Chinese market.
Breaking it down by region, quarterly sales in the Americas sank 61 percent, attributed to the temporary store and distribution center closures.
Sales in Europe were down 59 percent as a result of public health measures and a drop in local demand, said Richemont. Even as stores gradually reopened, the region lacked its usual international tourism.
Sales in Japan fell 64 percent with most stores closed for the quarter.
In the Middle East and Africa, quarterly sales were down only 38 percent due in part to purchases made in advance of a value-added tax increase in Saudi Arabia.
Asia-Pacific was the “most resilient” region, said Richemont, with sales down 29 percent.
Sales declined across all markets in the
region except China, which posted triple-digit online sales growth and “very strong” domestic in-store sales due in part to the decline in overseas purchases.
Retail sales (sales at Richemont-owned and -operated boutiques) were down 43 percent, though increases were seen in China and South Korea, where restrictions began to ease in May.
Wholesale sales fell 65 percent in the quarter.
Online retail sales were more resilient than other sales channels, said Richemont, declining 22 percent year-over-year, mainly due to the temporary closures of the online distributor’s fulfillment centers.
Online sales, including online distributors, accounted for 25 percent of sales, exceeding wholesale sales and up from 17 percent a year ago.
Richemont did not hold an earnings call or provide financial guidance for the year ahead.
As of June 30, distribution centers and most stores have reopened, with exceptions in the Americas and travel-related retail.
Retail sales (sales at Richemont-owned and -operated boutiques) were down 43 percent, though increases were seen in China and South Korea, where restrictions began to ease in May.
Wholesale sales fell 65 percent in the quarter.
Online retail sales were more resilient than other sales channels, said Richemont, declining 22 percent year-over-year, mainly due to the temporary closures of the online distributor’s fulfillment centers.
Online sales, including online distributors, accounted for 25 percent of sales, exceeding wholesale sales and up from 17 percent a year ago.
Richemont did not hold an earnings call or provide financial guidance for the year ahead.
As of June 30, distribution centers and most stores have reopened, with exceptions in the Americas and travel-related retail.
More on Financials
The Latest
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.
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.
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.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
Events & AwardsMar 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
