Cartier, Van Cleef & Arpels, and Buccellati put on stellar performances.
Richemont ended its fiscal year on a high note, reaching record annual sales.
The luxury conglomerate, which owns high-end brands like Cartier and Van Cleef & Arpels, said all of its brands, channels, and regions posted double-digit growth.
“Increased inflationary pressures and repeated temporary store closures due to health protection measures were offset by relatively improved economies up until February 2022,” said Richemont Chairman Johann Rupert.
Here are five key takeaways from its recent earnings report.
Richemont had a record year.
For the fiscal year ending March 31, Richemont posted sales of €19.2 billion ($20.3 billion), an all-time high for the company and a 46 percent year-over-year increase at actual exchange rates.
Sales were up 35 percent compared with 2019.
Retail (as opposed to wholesale) and its performance in the Americas, where sales jumped 79 percent year-over-year, were the drivers behind Richemont’s performance.
Retail sales were up 51 percent year-over-year and 53 percent compared with 2019.
Wholesale sales were up 8 percent for the year, bolstered by the “return to in-person high-jewelry events and the long-awaited Watches & Wonders event, which opened its physical doors in Geneva for the first time in three years,” said Richemont.
Online retail sales grew 46 percent with “sharp growth” seen at its specialist watchmakers.
Jewelry sales in the Americas nearly doubled year-over-year.
Richemont has several well-established jewelry brands on its roster: Cartier, Buccellati, and Van Cleef & Arpels.
Sales in Richemont’s jewelry division were up 49 percent for the full year, reaching €11.1 billion ($11.7 billion).
Jewelry sales in the Americas, which account for 22 percent of the division’s sales, were up 90 percent year-over-year at actual rates.
“Cartier and Van Cleef & Arpels posted an outstanding performance, increasing their market leadership. Buccellati also developed successfully, further expanding its international footprint with nine new directly operated stores,” said Richemont.
For Cartier, its “Love,” “Panthère,” “Santos,” “Ballon Bleu” and the new “Tank Must SolarBeat” watch were the top performers.
Van Cleef’s “Alhambra,” “Perlée” and “Lady Arpels” were the brand’s top sellers as it expands its digital reach in the Middle East and China.
Buccellati, which Richemont acquired in September 2019, saw its “Opera Tulle” and “Macri” collections perform well.
As for its store network, there have been openings at Buccellati and Van Cleef and renovations at Cartier.