ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
FinancialsNov 09, 2020
Cartier, Van Cleef Classics Stand Strong for Richemont
Cartier’s Clash de Cartier and Van Cleef & Arpels’ Perlée collection were among the top sellers in the first half of the year.
A 1926 Art Deco Cartier desk clock featuring a circular burgauté lacquer dial inset with cabochon moonstones, mother-of-pearl, enamel, cabochon turquoises and rose-cut diamonds. The Richemont-owned brand was resilient in a rocky first half of the fiscal year.
Geneva—Richemont’s first-half sales fell by double digits amid the COVID-19 pandemic, but its jewelry brands were resilient.
The luxury titan posted a 26 percent drop year-over-year in half-year sales at actual exchange rates to €5.48 billion ($6.49 billion) compared with €7.39 billion ($8.78 billion) in 2019.
Sales in Richemont’s jewelry division, which includes Cartier and Van Cleef & Arpels, were down 18 percent, reaching €3.06 billion ($3.63 billion) compared with €3.74 billion ($4.43 billion) a year ago.
“This business area [jewelry] was the first to rebound upon emerging from the lockdowns driven by strong presence in China, and a well-developed online offer and enduring appeal of the iconic collections,” said Chief Financial Officer Burkhart Grund during an earnings call.
The company held virtual events, like high jewelry previews and watchmaking presentations, in lieu of its planned physical events to promote the category.
Online sales of its jewelry brands increased by triple digits, said Sophie Cagnard, group corporate communications director.
The classic collections from Cartier and Van Cleef were the top sellers in the first half of the year.
Cartier added a white gold option to Clash de Cartier and a slimmer model of the diamond version of its popular Juste Un Clou bracelet, while Van Cleef & Arpels added to its Perlée and Frivole collections.
Cartier’s Santos and new Maillon de Cartier watch collections did well.
Though Richemont is tightening its belt, it is making strategic investments in store renovations, including the Van Cleef store in Paris’ Place Vendôme, the Cartier boutique in Shanghai’s Plaza 66, and a relocated Buccellati store on London’s Albemarle Street.
RELATED CONTENT: LVMH Struggles, But Sees Recovery in Q3Sales in Richemont’s specialist watchmakers division sank 38 percent to €966 million ($1.15 billion) compared with €1.57 billion ($1.86 billion) in 2019.
In addition to the effects of the COVID-19 pandemic, the decline in the segment was due in part to a “strong reliance” on multi-brand retail partners, said Richemont.
Sales were down by more than half in the first quarter, but improved to a decline of 18 percent in the second quarter, bolstered by a strong performance in China.
Richemont highlighted “notable performances” from Vacheron Constantin with the new Egérie and blue dial Overseas, IWC Schaffhausen’s new editions to the Portugieser collection, and Jaeger-LeCoultre’s relaunched Master Control collection.
IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget and Vacheron Constantin joined Cartier on the Tmall Luxury Pavilion.
Investments in its watch division include the renovated IWC Zurich Bahnhofstrasse
store and the new Piaget store in Galeries Lafayette, Paris.
Breaking it down by region, quarterly sales in the Americas sank 33 percent at actual exchange rates, attributed to the temporary store and distribution center closures.
All U.S. channels, including online retail sales, recorded a low-single-digit decline in sales, said Richemont.
All other markets posted lower sales for the first half of the year except China, where sales climbed 83 percent.
Richemont recently inked a deal with Alibaba and Farfetch to further boost growth in the Chinese market.
Retail sales (sales at Richemont-owned and -operated boutiques) were down 23 percent to €2.93 billion ($3.48 billion) in the first six months compared with €3.81 billion ($4.52 billion) a year ago.
Wholesale sales fell 42 percent in the first half.
Online retail sales were more resilient than other sales channels, said Richemont, declining only 3 percent year-over-year despite the temporary closure of fulfillment centers in the first quarter.
Overall online sales, including online distributors, accounted for 22 percent of sales, up from 17 percent a year ago.
Richemont did not provide financial guidance for the year ahead.
Breaking it down by region, quarterly sales in the Americas sank 33 percent at actual exchange rates, attributed to the temporary store and distribution center closures.
All U.S. channels, including online retail sales, recorded a low-single-digit decline in sales, said Richemont.
All other markets posted lower sales for the first half of the year except China, where sales climbed 83 percent.
Richemont recently inked a deal with Alibaba and Farfetch to further boost growth in the Chinese market.
Retail sales (sales at Richemont-owned and -operated boutiques) were down 23 percent to €2.93 billion ($3.48 billion) in the first six months compared with €3.81 billion ($4.52 billion) a year ago.
Wholesale sales fell 42 percent in the first half.
Online retail sales were more resilient than other sales channels, said Richemont, declining only 3 percent year-over-year despite the temporary closure of fulfillment centers in the first quarter.
Overall online sales, including online distributors, accounted for 22 percent of sales, up from 17 percent a year ago.
Richemont did not provide financial guidance for the year ahead.
More on Financials
The Latest
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingJan 07, 2026
Diamonds Do Good Releases 2025 Impact ReportThe annual report highlights how it supported communities in areas where natural diamonds are mined, crafted, and sold.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
SourcingJan 06, 2026
AGA Announces 2026 BoardThe governing board welcomed two new members, Claire Scragg and Susan Eisen.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
