Richemont, the Swiss luxury giant, celebrated a strong close to the year with a 14% surge in jewelry sales across its flagship maisons, including Cartier, Van Cleef & Arpels, Vhernier, and Buccellati. The group credited the festive season and the enduring appeal of its iconic designs for the robust performance, which contributed to its highest-ever quarterly revenue of €6.2 billion ($6.8 billion)—a 10% increase compared to the same period last year.
Jewelry Shines While Watches Stabilize
While the jewelry sector led the charge, Richemont’s eight prestigious watch brands, including IWC Schaffhausen and Jaeger-LeCoultre, showed resilience. After a sharp 17% decline in Q2, the watch segment’s drop moderated to 8% in Q3, signaling gradual recovery in a challenging market.
Regional Growth Balances Asia Pacific Decline
The company’s performance was bolstered by impressive regional growth, with sales in Europe, the Americas, Japan, and the Middle East/Africa rising by 19–22%. However, a 7% dip in the Asia Pacific market, its largest region, tempered overall gains.
Nine-Month Review and Sector Highlights
For the nine months ending December 2024, Richemont reported revenues of €16.2 billion ($17.3 billion), a 4% year-on-year increase at constant exchange rates.
- Jewelry and watches remain the backbone of the business, contributing nearly 90% of total revenue.
- Other luxury categories, such as fashion, accessories, and pens, grew by 11%, showcasing the group’s diversified strength.
Future Outlook: Building on Iconic Legacy
Richemont emphasized the role of its iconic designs and new product launches in sustaining growth. “Our jewelry maisons achieved a 14% growth, building on a challenging 12% comparative from last year,” the company noted. The success of recent product introductions and strong festive season demand were key drivers.
With momentum from the Americas and Europe and an expanding footprint in emerging markets, Richemont appears well-positioned to navigate 2025, leveraging its brand heritage and innovative offerings to maintain its status as a luxury market leader.
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