CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
FinancialsMay 21, 2019
Richemont Full-Year Profit Doubles as Jewelry Sales Climb
Sales in the jewelry division, which includes Cartier and Van Cleef & Arpels, climbed 10 percent to nearly $8 billion.
A platinum and 18-karat red, pink and yellow gold necklace from Richemont-owned Piaget’s "Sunlight Journey" collection, set with red spinels and yellow and white diamonds.
Geneva—Luxury titan Richemont reported double-digit sales growth in the US and China in its annual results, buoyed by a strong performance from the jewelry sector.
Overall sales totaled €13.99 billion ($15.63 billion), a 27 percent increase compared with €11.01 billion ($12.30 billion) a year ago.
Net profit more than doubled to €2.79 billion ($3.12 billion), including €1.38 billion ($1.54 billion) stemming from its recent acquisition of e-tailer Yoox Net-A-Porter Group (YNAP) and pre-owned watch platform Watchfinder.
Sales in its jewelry division, which includes Cartier and Van Cleef & Arpels, were up 10 percent at constant exchange rates to €7.08 billion ($7.91 billion) compared with €6.45 billion ($7.20 billion) last year.
The division’s operating results rose 16 percent to €2.22 billion ($2.48 billion) while its operating margin improved 160 basis points to more than 31 percent.
Richemont CFO Burkhart Grund attributed the strong results to “higher sales, manufacturing efficiency gains, relatively favorable Swiss franc, and good cost control, which more than offset investments in retail and communication.”
Jewelry sales were strong in all regions and in all channels, accounting for 51 percent of group sales, said Grund during the earnings call.
Evergreen collections, including “Love” and “Juste un Clou” by Cartier and “Alhambra” and “Perlée” by Van Cleef & Arpels, were strong performers. New collections, like “Galaxies” by Cartier and “Frivole” by Van Cleef & Arpels, held their own as well.
Sales in its specialist watchmakers division, which includes A. Lange & Söhne and IWC Schaffhausen, were up 10 percent at constant exchange rates to €2.98 billion ($3.33 billion) compared with €2.71 billion ($3.03 billion) a year ago.
Growth was “broad-based across the collections,” said Grund, with the launch of “Santos de Cartier” and “Poetic Complications” by Van Cleef & Arpels performing especially well.
The division’s operating results rose 44 percent to €378 million ($422 million), but its operating margin was 12.7 percent.
Although an improvement from the previous year, analysts expressed concern about the watch division’s weak profitability.
“Profitability still seems to be lagging especially in the specialist watchmaker division,” said Exane BNP Paribas analyst Melania Grippo to Reuters.
“I think, if you look at just the reported numbers, I think that the performance at the specialist watchmakers is underappreciated,” said Grund during the earnings call, pointing to double-digit growth in the retail network.
Another cause for concern was the operating loss of €264 million ($295
million) generated by its online distributors, including investments in its technology and €165 million ($184 million) related to its recent acquisitions.
YNAP reported double-digit growth across all regions while Watchfinder’s sales saw single-digit growth, due in part to “persisting uncertainty around Brexit” and the temporary closure of its London Royal Exchange flagship store for renovation.
Though online distributors saw an increase in sales, the division was only “slightly contributive” on an EBITDA basis, said Grund.
By region, sales in the Americas climbed 40 percent to €2.55 billion ($2.85 billion) while sales in Europe were up 37 percent to €4.12 billion ($4.60 billion).
The company attributed the strong growth in the regions in part to the acquisition of YNAP, which has a strong sales base in the U.S. and Europe.
Sales in Japan rose 16 percent to €1.15 billion ($1.28 billion) while sales in the Middle East and Africa rose 8 percent to €929 million ($1.03 billion).
Sales in Asia Pacific, the company’s largest region, rose 20 percent to €5.24 billion ($5.85 billion) with sales in mainland China leading the charge. The company opened 20 internal and 19 franchise stores in the region this year.
Looking for a stronger foothold in the Chinese luxury market, Richemont announced a joint venture with Chinese e-commerce giant Alibaba last October, outlining plans for launching two mobile apps for YNAP’s Net-A-Porter and Mr Porter.
Richemont CEO Jérôme Lambert said on the earnings call that the company’s joint venture is progressing “very well” and a CEO search is underway, but he did not give a timeline for when the apps will be up and running.
More on Financials
The Latest
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
Brought to you by
Protect Your Customers and Your BusinessThe risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
GradingApr 22, 2025
Avi Levy Is GCAL By Sarine’s New Chief Growth OfficerGCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.
IndependentsApr 22, 2025
Brinker’s Jewelers Acquires Fellow IndependentThe Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.
Events & AwardsApr 21, 2025
An Exhibition Exploring the History of Cartier Is Now on Display“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.
IndependentsApr 21, 2025
New York Jeweler to Close After 111 YearsVan Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.
IndependentsApr 21, 2025
IJO Names New Director of Vendor Relations, Merchandise StrategyIndustry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
Events & AwardsApr 21, 2025
Jewelers of Louisiana, Mississippi Jewelers Association to Co-Host ConventionThe two organizations will hold the educational event together this fall in Mississippi.
Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
