FinancialsApr 21, 2021
Boucheron, Qeelin Excel in Kering’s Q1FinancialsJul 16, 2021
Jewelry, Watch Sales Bolster Richemont’s Q1
Plus, the changes to Richemont’s senior executive committee and board of directors.
Richemont headquarters in Geneva, designed by architect Jean Nouvel. The luxury titan’s quarterly sales were up 121 percent year-over-year, with jewelry and watch sales putting on a strong performance. (Image courtesy of Richemont)
Geneva—Richemont’s first-quarter sales surged, exceeding pre-pandemic levels, driven by strong jewelry sales and the Americas.
The luxury titan posted a 121 percent increase year-over-year in quarterly sales at actual exchange rates of €4.39 billion ($5.19 billion) compared with €3.74 billion ($4.41 billion) in 2020.
Sales also exceeded pre-pandemic levels in most areas, up 18 percent year-over-year.
The boost in sales was led by its jewelry houses and specialist watchmakers, said Richemont.
Sales in Richemont’s jewelry division, which includes Cartier and Van Cleef & Arpels, were up 142 percent at constant and actual exchange rates, reaching €2.52 billion ($2.97 billion) compared with €1.08 billion ($1.28 billion) a year ago.
Sales in Richemont’s specialist watchmakers division were up 143 percent to €849 million ($1 billion) compared with €359 million ($423.5 million) in 2020.
Breaking it down by region, the Americas gave the strongest performance, with local demand driving sales up 276 percent.
In second place was the Middle East and Africa, with sales up 154 percent, followed by Japan (138 percent), Europe (108 percent), and Asia Pacific (96 percent).
Retail sales at Richemont-owned and -operated boutiques were up 138 percent.
Related stories will be right here …
Wholesale sales were up 178 percent in the quarter while online retail sales were up 67 percent.
The company did not hold an earnings call or provide financial guidance for the year ahead.
Following a review of its governance, Richemont has made some changes to its executive board.
The Senior Executive Committee will focus on strategic direction, capital allocation, and other functions to benefit the business while the executives in charge of the various brands will zero in on sustainable development, a customer-focused approach, and growing digital initiatives.
“The continual evolution of our corporate governance structures reflects our commitment to meet the changing demands of our operating environment most efficiently and align with best practice,” said Chairman Johan Rupert in a press release about the results.
To focus on these new responsibilities, Cyrille Vigneron, president and chief executive of Cartier, and Nicolas Bos, president and chief executive of Van Cleef & Arpels, will step down from the Senior Executive Committee and will not seek re-election to the board of directors.
Philippe Fortunato, CEO of fashion and accessories, Emmanuel Perrin, head of the specialist watchmakers distribution, and Frank Vivier, chief transformation officer, will also step down from the Senior Executive Committee.
The changes go into effect Sept. 8 with all executives still reporting to Rupert, and maintaining their roles.
Rupert, Jérôme Lambert and Chief Financial Officer Burkhart Grund will remain on the Senior Executive Committee and be up for re-election to the board of directors at the annual general meeting.
Alan Quasha, who has served as non-executive director of the company and its predecessor companies since the Group’s foundation in 1988, will not seek reelection to the board.
Editors' Picks
Sponsored by
More on Financials
The Latest
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
MajorsSep 23, 2026
Kay Jewelers’ New Campaign Goes ‘All In’ on LovePart of its brand relaunch, the marketing around the campaign includes a contest involving a jacket set with 550 diamonds.
Events & AwardsSep 23, 2026
Tiffany & Co. Exhibition Opening at Arkansas Museum The curation, opening soon at the Crystal Bridges Museum of American Art, honors the jeweler’s heritage through a distinctly American lens.
CollectionsSep 23, 2026
Pucker Up for Pandora’s New Pat McGrath Jewelry CollabThe jewelry giant has partnered with the famed makeup artist to create a colorful new collection of charms and rings.
IndependentsSep 23, 2026
Texas Jewelers Association to Celebrate 120th AnniversaryThe association will mark the milestone at its convention next month.
IndependentsSep 23, 2026
Sissy’s Log Cabin’s ‘Back to School and Bling’ Event ReturnsThe jeweler donated school supplies to Memphis, Tennessee, students during the event combining basketball and mentorship.
MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
AuctionsSep 21, 2026
Ultra-Rare Cartier Cheich Watch Sells for $3.4M Offered at Sotheby’s Hong Kong, the one-of-a-kind white gold watch now holds the title of most valuable Cartier wristwatch sold at auction.
MajorsSep 21, 2026
Longtime Industry Executive Pamela Bernstein-Gulla to RetireBernstein-Gulla has been working in the jewelry industry for 40 years, most recently as chief engagement officer for Hill & Co.
IndependentsSep 21, 2026
Bhindi Jewelers Moves Into New, Larger California StoreThe relocated Glendale store, now at The Americana at Brand, was designed to be a contemporary “timepiece haven” inspired by luxury resorts.
