Richemont’s jewelry brands achieved their seventh consecutive quarter of double-digit sales growth, with revenue rising 21% in the first three months of the year.
The Swiss luxury group, which includes Cartier, Van Cleef & Arpels, Buccellati, and Vhernier, reported combined sales of €4.73 billion ($5.41 billion) for its jewelry divisions in the quarter ending June 30. That figure represents a 24% increase after adjusting for currency fluctuations. The earnings release described the results as strong.
Watch sales trailed but still improved.
Revenue from Richemont’s watch brands grew 6% to €873 million ($1 billion), or 8% on a constant-currency basis. Vacheron Constantin, Jaeger-LeCoultre, and A. Lange & Söhne performed best in the category. Other watchmakers under the group’s umbrella include IWC Schaffhausen, Panerai, Piaget, and Roger Dubuis. Richemont sold Baume & Mercier to the Damiani Group in 2023.
Total sales for the company reached €6.33 billion ($7.24 billion), a 17% increase from the same period last year. Excluding currency effects, the rise was 20%.
The Americas and Japan led regional growth, while the Middle East lagged.
Sales in the Americas surged 25%, or 27% at constant exchange rates, driven by local spending rather than tourism. Japan also showed solid gains, though no specific percentage was disclosed. The Middle East and Africa was the only region without double-digit growth, rising just 1%—or 3% after currency adjustments. A sharp decline in tourist spending was cited as the reason.
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Every sales channel expanded. Retail sales climbed 21%, online sales increased 15%, and wholesale and royalty income grew 7%. All figures improved further when adjusted for currency. The company noted that growth was consistent across brands, regions, and distribution methods. New designs and limited editions helped sustain demand for its signature pieces.
Jewelry sales have now grown at a double-digit rate for seven straight quarters. The trend reflects broader strength in the luxury market, where wealthy consumers continue purchasing despite economic uncertainty. Richemont has avoided heavy discounting, focusing instead on exclusive collections to maintain interest.
The difference between jewelry and watch performance suggests changing consumer tastes. While watches remain important, jewelry—especially high-end items—has become the main driver of growth. Other luxury groups like LVMH and Kering have reported similar shifts in recent quarters.
Vhernier’s “Freccia” collection stood out this quarter. The high-jewelry line features white gold necklaces set with lapis, rock crystal, diamonds, and white mother-of-pearl. Since its acquisition by Richemont in 2022, the brand has gained popularity among collectors.
Inflation is cooling and travel is recovering, which may test whether the company can sustain its momentum. For now, the growth streak continues.
Earlier this year, award winners were announced for programs supporting young entrepreneurs in the industry.
