Jewelry Leads Sales Growth at Richemont

RAPAPORT… Richemont’s jewelry brands saw impressive gains in the third fiscal quarter as the global luxury market continued its recovery from the Covid-19 downturn.

Revenue at Cartier, Van Cleef & Arpels, and Buccellati jumped 41% year on year to EUR 3.34 billion ($3.79 billion) in the three months ending December 31, the Swiss group reported Wednesday. Sales leaped 55% compared with the same period of 2019, reflecting stronger demand than before the pandemic.

Jewelry was Richemont’s top-performing division during the quarter, with sales growth across a range of product lines and price points, the company said. All regions and channels saw double-digital revenue increases, it added.

Sales at specialist watchmakers — including IWC Schaffhausen, Piaget and Vacheron Constantin — climbed 29% year on year to EUR 977 million ($1.11 billion). Group revenue — encompassing jewelry, fashion, accessories and timepieces — rose 35% year on year to EUR 5.66 billion ($6.42 billion) and was 36% higher than in 2019.

Management noted a “relatively supportive economic environment.” Company-wide sales exceeded pre-pandemic levels across all regions and products, with the Americas seeing the sharpest growth.

Richemont’s share price rose around 7% on Wednesday as of press time.


Image: Cartier engagement rings. (Shutterstock)