Acquired in 2021, the brand’s high jewelry sales have doubled and its new “Lock” collection was an instant hit.
Holiday sales fell short of the National Retail Federation’s expectations, rising only 5 percent year-over-year.
Strong jewelry sales and manufacturers’ desire to secure supply with known provenance pushed rough sales to their highest level since 2018.
The jewelry giant posted a decline in same-store sales in the third quarter but is gearing up for a season of growth.
Its Q3 sales dipped as inflation took its toll on shoppers in the U.S. and Europe.
The CEO of Cartier told Bloomberg it will be toning down some of its marketing in response to the sharp increase in the cost of living.
The jewelry company posted a strong third quarter but remains cautious about the rest of the year.
The company opened five stores in the United States in the second quarter as it continues growing its footprint.
Announced during its Q3 earnings call, Pandora also spoke on its new lab-grown diamond jewelry line.
Sales for the division that includes the company’s jewelry brands rose 17 percent, fueled by company-owned stores, not wholesale.
LVMH’s jewelry and watch sales grew 25 percent in Q3, with Tiffany’s new “Lock” collection off to a “solid start” in the U.S.
Rough diamond sales totaled $500 million, up only about 2 percent year-over-year and down 22 percent from the previous sales cycle.
Pre-wedding events, like a bridal shower, represent a $1.9 billion gifting opportunity, said the jewelry giant.
The company lowered its full-year guidance, citing increased economic uncertainty.
The announcement preceded the Danish company’s release of its second-quarter results.
Revenue for the group that includes Kering’s jewelry brands grew 32 percent in the first half of 2022.
Its jewelry houses, which include Cartier and Buccellati, posted double-digit growth.
Plus, CEO Brian Duffy on how supply shortages have spread to brands beyond Rolex and Patek Philippe.