Geneva, Switzerland – Richemont, the luxury goods group renowned for its prestigious jewelry brands such as Cartier, Van Cleef & Arpels, and Buccellati, has disclosed a substantial 6% year-on-year revenue surge in its jewelry segment, amounting to EUR 3.95 billion ($4.31 billion) during the third fiscal quarter. This impressive growth is attributed to heightened demand in key markets, including China, Hong Kong, and the United States.
Despite a slowdown in Europe linked to reduced tourist spending, the company experienced a compensatory upswing in domestic sales in the Americas and a notable resurgence of tourism in Hong Kong and China.
Of particular note is the stellar performance of the jewelry division, emerging as Richemont’s top-performing segment, effectively offsetting softer sales in other categories. Wholesale sales, buoyed by the robust performance of jewelry maisons, demonstrated a commendable 4% year-on-year increase, contributing to the overall 4% rise in group revenue, which reached EUR 5.59 billion ($6.09 billion).
Over the nine-month period spanning April to December, jewelry sales soared by an impressive 8%, totaling EUR 10.91 billion ($11.88 billion). In contrast, specialist watchmakers experienced a marginal decline of 2% to EUR 2.93 billion ($3.19 billion). The cumulative effect of these performances led to an overall 5% increase in the group’s sales for the same period, reaching EUR 15.81 billion ($17.22 billion).
Richemont’s success underscores the resilience of its jewelry portfolio in the face of varying market dynamics, positioning the company for continued growth in the luxury goods sector.
