Richemont’s H1 buoyed by watch, jewelry sales

Lenore Fedow

Sales in both categories surpassed pre-pandemic levels in the first half. Richemont experienced double-digit growth across all categories in its first half, surpassing pre-pandemic levels.

The luxury titan posted a 63 percent year-over-year increase in first-half sales at actual exchange rates of €8.91 billion ($10.19 billion), compared with €5.48 billion ($6.27 billion) in 2020.

Compared with pre-pandemic 2018, sales were up 20 percent year-over-year.

The company’s jewelry houses and specialist watchmakers once again were growth leaders, said Richemont.

Cartier and Van Cleef & Arpels have reaffirmed their leadership position as jewelers of choice while Buccellati’s distinctive savoir faire and aesthetics are getting international recognition,” said Chairman Johann Rupert in the company’s press release.

Sales in Richemont’s jewelry division were up 67 percent in the first six months, reaching €5.09 billion ($5.83 billion), compared with €3.06 billion ($3.5 billion) a year ago.

Compared with pre-pandemic levels, sales in the division were up 36 percent.

Overall, the Americas, Asia Pacific, Middle East and Africa exceeded prior 2019 levels with Europe back to growth in the second quarter, supported by sustained local demand and initial signs of a resumption of international tourism,” said Richemont.

Buccellati, which Richemont acquired in September 2019, continued its growth, particularly in the Asia Pacific region and Japan. Its “Tulle” collection performed especially well. 
Cartier’s “Panthère” and Van Cleef’s “Frivole” also saw strong sales. 

The jewelry maisons emerged stronger from the crisis,” said Sophie Cagnard, group corporate communications director. “We posted a stellar first half across all regions and channels versus the prior- year period.” 

The strongest growth came from Europe and the Americas, said Cagnard, while Asia Pacific also saw strong growth and “provided the highest contribution to the increase in sales.” 

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Source National Jeweler