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Jewelry Drives Strong Growth at Richemont

January 18, 2024  |  Leah Meirovich
Cartier Store Beijing Richemont 1280 USED 011824

Revenue at Richemont’s jewelry brands advanced in the third fiscal quarter as demand grew in China, Hong Kong and the US.

Sales at Cartier, Van Cleef & Arpels, and Buccellati climbed 6% year on year to EUR 3.95 billion ($4.31 billion) for the three months that ended December 31, the Swiss luxury group reported Thursday. The increase comes despite a slowdown in Europe, which suffered from a drop in tourist spending. However, an improvement in domestic sales in the Americas, as well as the return of tourism in Hong Kong and China, compensated for that weakness, Richemont explained.

Jewelry was Richemont’s top-performing division during the quarter, with increases across all regions, excluding Europe. Revenue from jewelry also made up for weaker sales in other categories.

“Wholesale sales were 4% above the prior-year period, sustained by strong sales at the jewelry maisons, which more than offset a softer performance across the rest of the group,” the company noted.

Sales at specialist watchmakers — which includes IWC Schaffhausen, Piaget and Vacheron Constantin — fell 1% year on year to EUR 939 million ($1.02 billion), as the retail growth of many of the company’s watch brands outperformed wholesale sales, which saw a double-digit decline, Richemont said.

Group revenue — encompassing jewelry, fashion, accessories and timepieces — rose 4% year on year to EUR 5.59 billion ($6.09 billion).

In the nine months from April to December, sales of jewelry jumped 8% to EUR 10.91 billion ($11.88 billion), and at specialist watchmakers slipped 2% to EUR 2.93 billion ($3.19 billion). Group sales for the period were up 5% to EUR 15.81 billion ($17.22 billion).

Main image: A Cartier store in Beijing, China. (Shutterstock)

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Cartier Store Beijing Richemont 1280 USED 011824 Jewelry Drives Strong Growth at Richemont

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