Cartier, Van Cleef & Arpels and Buccellati were top performers for the luxury conglomerate over the key holiday season.
Richemont’s third-quarter sales climbed 32 percent, with the company’s jewelry brands recording the highest year-over-year sales growth of its three business groups.
In the third quarter ended Dec. 31, revenue from jewelry sales climbed 38 percent at constant exchange rates, topping €3 billion ($3.41 billion) and accounting for more than 50 percent of Richemont’s total Q3 sales (€5.66 billion/$6.43 billion).
Richemont owns Cartier, Van Cleef & Arpels and Buccellati.
Sales of the fashion and accessory brands under the Richemont umbrella were a close second in terms of sales growth, with sales up 37 percent year-over-year in Q3.
The company’s watch brands, a stable of eight that includes Jaeger-LeCoultre, Baume & Mercier and Piaget, recorded year-over-year sales growth of 25 percent, totaling €977 million ($1.11 billion).
Sales for online distributors, a group that includes pre-owned watch retailer Watchfinder & Co. and Net-a-Porter, were up 15 percent.
Compared to the third quarter ended Dec. 31, 2019, pre-pandemic, jewelry sales were up 57 percent, while sales grew 20 percent for Richemont’s watch brands.
Richemont described the growth in jewelry sales as “broad-based,” with no product line or price point emerging as a sales standout, and all regions and distribution channels performing well too.
Channel-wise, Richemont’s own retail network was the top performer, with sales up by 45 percent year-over-year in the third quarter. Online retail sales grew 19 percent while wholesale sales were up 14 percent.
Photo © Cartier.
