MajorsJul 02, 2024
Richemont Names New CEOs for Cartier, Van Cleef & ArpelsFinancialsJul 17, 2024
Richemont’s Q1 Jewelry Sales Up 2%
In contrast, the luxury giant’s watch sales fell 14 percent.
A pair of earrings from Richemont-owned Buccellati’s high jewelry offerings. Richemont’s Q1 sales were down 1 percent as the luxury giant was up against tough comparatives.
Geneva—Richemont saw sales slip in the first quarter, though its jewelry division saw continued growth.
The company was up against tough comparatives, as last year’s Q1 sales were up 19 percent.
The luxury titan said this quarter’s performance demonstrates its “resilience in a continuing uncertain macroeconomic and geopolitical environment.”
For the first quarter ending June 30, Richemont posted sales of €5.27 billion ($5.73 billion), down 1 percent year-over-year at actual exchange rates (up 1 percent at constant exchange rates).
Sales in all regions, except Asia Pacific, were on the rise compared to the prior period, led by Japan with sales up 42 percent in the region.
Its quarterly performance was dragged down in part by declining sales in the Asia Pacific region, down 19 percent at actual exchange rates (down 18 percent at constant exchange rates), with sales in China, Hong Kong, and Macau combined falling 27 percent in the quarter.
The decline in the region was due to low levels of consumer confidence and strong comparatives, said Richemont.
In the Americas, sales were up 11 percent (up 10 percent at constant exchange rates), which Richemont said reflected sustained domestic demand across all distribution channels.
Overall, retail sales were flat year-over-year, while online sales were up 6 percent. Wholesale sales fell 6 percent.
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 2 percent year-over-year (up 4 percent at constant exchange rates).
Related stories will be right here …
The company was up against tough comparatives, as last year’s Q1 sales were up 19 percent.
The luxury titan said this quarter’s performance demonstrates its “resilience in a continuing uncertain macroeconomic and geopolitical environment.”
For the first quarter ending June 30, Richemont posted sales of €5.27 billion ($5.73 billion), down 1 percent year-over-year at actual exchange rates (up 1 percent at constant exchange rates).
Sales in all regions, except Asia Pacific, were on the rise compared to the prior period, led by Japan with sales up 42 percent in the region.
Its quarterly performance was dragged down in part by declining sales in the Asia Pacific region, down 19 percent at actual exchange rates (down 18 percent at constant exchange rates), with sales in China, Hong Kong, and Macau combined falling 27 percent in the quarter.
The decline in the region was due to low levels of consumer confidence and strong comparatives, said Richemont.
In the Americas, sales were up 11 percent (up 10 percent at constant exchange rates), which Richemont said reflected sustained domestic demand across all distribution channels.
Overall, retail sales were flat year-over-year, while online sales were up 6 percent. Wholesale sales fell 6 percent.
Richemont’s jewelry brands, Buccellati, Cartier, and Van Cleef & Arpels, saw sales increase 2 percent year-over-year (up 4 percent at constant exchange rates).
The company named new CEOs for two of its jewelry brands earlier this month.
On Sept. 1, Louis Ferla will take on the role of Cartier CEO, while Catherine Rénier will step in as CEO of Van Cleef & Arpels.
Richemont’s watch brands are: A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin.
Sales in the category fell 14 percent in the first quarter (down 13 percent at constant exchange rates).
A. Lange & Söhne and Vacheron Constantin were particularly resilient, said Richemont.
Richemont did not provide guidance for the second quarter of the fiscal year.
Editors' Picks
Sponsored by
More on Financials
The Latest
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 12, 2026
Introducing My Next Question, the PodcastA monthly podcast series for jewelry professionals
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
PodcastsNov 27, 2025
Test Podcast With VideoTest Podcast With Video. New interview with Ada Lovelace.
PodcastsNov 25, 2025
Test New Podcast PostAbstract for tests. New Podcast interview with John Lennon, Jimi Hendrix and Jim Morison.
ColumnistsOct 09, 2024
Peter Smith: 7 Things to Know When Selling LuxuryAhead of the holiday season, Smith delves into the often subconscious reasons people buy luxury products for themselves or their loved ones.
AuctionsOct 09, 2024
Rolex Worn on Apollo 14 Mission Up for SaleThe GMT-Master “Pepsi” belonging to astronaut Edgar Mitchell is a standout in RR Auction’s online “Space Auction,” going on now.
MajorsOct 09, 2024
New Simon Campaign Invites Gen Z to ‘Meet Me At The Mall’The ads celebrate the mall culture of the ‘80s and ‘90s.
MajorsOct 09, 2024
PGI Launches New Virtual Sales TrainingRetail sales associates can access the video series on mobile to refresh their selling skills.
Policies & IssuesOct 09, 2024
GJNRF: Reaching Out, Rebuilding Futures For 25 years, India’s Gem & Jewellery National Relief Foundation has provided aid in the wake of war, natural disasters, and global crises.
AuctionsOct 08, 2024
Sotheby’s Selling Jewelry That Belonged to a Bulgarian TsarThe November auction will feature a collection of jewels owned by Ferdinand I, the first king of modern Bulgaria, and his family.
SourcingOct 08, 2024
Rio Tinto Begins New Phase of Production That Will Extend Diavik’s LifeCommercial production has begun underground at the Canadian diamond mine’s A21 pipe.
SurveysOct 08, 2024
What to Know About Online Shopping This Holiday SeasonDeloitte and Adobe Analytics shared their insights on the season, from the retail sales forecast to the role of generative AI.
CollectionsOct 08, 2024
Sylvie Adds New Men’s BandsThe Texas-based jeweler collaborated with luxury clothing brand Uncommon Man on men’s bands designed with European influences.
SourcingOct 08, 2024
Is Current Diamond Industry Turbulence Shaping a ‘New Normal’? Industry players have found ways to cope with market conditions while working to reshape themselves in the face of emerging realities.
SourcingOct 07, 2024
Rio Tinto to Offer 76 Diamonds in 2024 Beyond Rare Tender The sales event, in its second year, features a selection of rare diamonds from the miner’s Argyle and Diavik diamond mines.
CollectionsOct 07, 2024
Olympian Kristi Yamaguchi Partners With Heller Jewelers on New CollectionA portion of the proceeds from the “Always Dream” collection will go to Yamaguchi's foundation, supporting early childhood literacy.
