The luxury conglomerate owns Boucheron, Pomellato, DoDo, and Qeelin.
Financials
While sales rose in the U.S. market, demand for watches and jewelry was slow in the U.K.
From lab-grown diamond sales to its holiday performance, these are the key takeaways from the jeweler’s 2023 performance.
Latest in Financials
CEO Beth Gerstein spoke about the growing appeal of its non-bridal fine jewelry and its expansion plans on its recent earnings call.
Highlights included the opening of Tiffany & Co.’s new flagship and record revenue for TAG Heuer.
The company pointed to a “volatile” holiday season and a challenging macroeconomic environment.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Buccellati, Cartier, and Van Cleef & Arpels propelled the luxury titan to its highest quarterly sales total ever.
The retailer is still expecting a strong holiday season with improving demand for natural diamonds.
The company said it is facing a “challenging retail environment” but is prepared for the holiday season.
Ho Brothers offers scalable solutions for the future of custom jewelry.
Rising jewelry sales and a rebound in the Asia-Pacific region were the main growth drivers for the company as a whole.
In its recent third-quarter results, CEO Beth Gerstein also shared her holiday prediction for the upcoming season.
Sales increased 5 percent after a down quarter as the brand saw in-store traffic pick up.
Sales of pre-owned watches, however, grew 80 percent following the company’s rollout of the Rolex Certified Pre-Owned program.
However, the company’s jewelry brands seemed to hold their own.
The luxury titan pointed to softening luxury sales, especially in the U.S. and Europe.
Macroeconomic pressures like inflation and a decline in the number of people popping the question took a toll on the jeweler.
The company noted a “challenging environment for consumer discretionary products.”
Mother’s Day and “The Little Mermaid” helped make a difference, though the company’s U.S. sales are still lagging behind last year.
The retailer described early results as “encouraging” and said it will introduce the program in the U.K. in September.
The retailer reported a record-breaking number of orders for the quarter amid strong Mother’s Day sales but average order value declined.
The luxury titan also announced it acquired a 30 percent stake in Italian luxury brand Valentino and named a new CFO.
Despite its strong results, the luxury titan remained cautious about the rest of the year due to economic and geopolitical uncertainty.
The owner of Cartier and Van Cleef & Arpels also said online-only retailers are facing a “globally challenging environment.”
The jewelry giant noted lower-than-expected Mother’s Day sales and increasing macroeconomic pressures.
The company has plans to revamp the Movado brand and offer less expensive watches this year.
CEO Brian Duffy also detailed a new joint venture partnership with Audemars Piguet.
The company reported record sales, driven by desire for classic lines like Cartier “Panthère” and “Alhambra” from Van Cleef & Arpels.
CEO Beth Gerstein also spoke about the retailer's store count, its resonance with Gen Z shoppers, and more on the company’s Q1 earnings call.
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