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Jewelry Sales Drive Strong Growth at Richemont

January 18, 2023  |  Leah Meirovich
Richemont Van Cleef store NY credit Shutterstock

Revenue at Richemont’s jewelry brands advanced in the third fiscal quarter as demand grew in the US and Europe.

Sales at Cartier, Van Cleef & Arpels, and Buccellati climbed 11% year on year to EUR 3.72 billion ($4.03 billion) in the three months that ended December 31, the Swiss luxury group reported Wednesday. The increase comes despite an unfavorable comparison with the previous year, when jewelry sales surged 41% amid a post-lockdown boom, Richemont explained.

Jewelry was Richemont’s top-performing division during the quarter, with sales growth across all regions excluding Asia Pacific, which experienced “a significant disruption…due to the massive Covid-19 resurgence in mainland China,” the company noted.

Sales at specialist watchmakers also suffered as a result of China’s virus containment measures. Global revenue from the segment — which includes IWC Schaffhausen, Piaget and Vacheron Constantin — fell 3% year on year to EUR 952 million ($1.03 billion) amid a double-digit decline in Asia Pacific that outweighed strong increases in Europe and Japan.

Group revenue — encompassing jewelry, fashion, accessories and timepieces — rose 8% year on year to EUR 5.4 billion ($5.84 billion).

In the nine months from April to December, jewelry sales jumped 19% to EUR 10.07 billion ($10.89 billion), while sales at specialist watchmakers grew 13% to EUR 3 billion ($3.24 billion). Group sales for the period were up 18% at EUR 15.08 billion ($16.31 billion).

Image: A Van Cleef & Arpels store in New York. (Shutterstock)

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Richemont Van Cleef store NY credit Shutterstock Jewelry Sales Drive Strong Growth at Richemont

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