Financials

Jewelry, Watch Sales Bolster Richemont’s Q1

FinancialsJul 16, 2021

Jewelry, Watch Sales Bolster Richemont’s Q1

Plus, the changes to Richemont’s senior executive committee and board of directors.

20210716_Richemont header.jpg
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.
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Jaeger-LeCoultre Madison Avenue NYC store
WatchesMar 28, 2024
Peek Inside Jaeger-LeCoultre’s Revamped NYC Flagship

The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy