News

Advanced Search

Jewelry Sales Shine for Richemont

May 14, 2017 9:09 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
.

RAPAPORT... Jewelry sales at Richemont  owner of Cartier and Van Cleef & Arpels  increased 7% in the past fiscal year, standing out as a rare growth sector for the luxury group.

Revenue from the category rose to $4.55 billion (EUR 4.2 billion) in the 12 months that ended March 31, partly offsetting weakness in its watch division, where sales slid 15% to $4.75 billion (EUR 4.34 billion), Richemont reported Friday.

“The continued strength of jewelry was driven by a particularly strong momentum in Asia Pacific and the Americas,” Richemont’s deputy chief financial officer Burkhart Grund said in an earnings call transcribed by Seeking Alpha. Jewelry’s contribution to overall group sales rose from 35% to 39% as a result, Grund pointed out.

Overall revenue from jewelry maisons Cartier and Van Cleef & Arpels  including watch sales  slipped 2% to $6.48 billion (EUR 5.93 billion), while profit fell 11% to $1.84 billion (EUR 1.68 billion) for the year. The decline was largely due to lower wholesale revenue from timepieces as the company bought back inventory from retail partners that were overstocked.  

Group sales fell 4% to $11.64 billion (EUR 10.65 billion), with declines in its wholesale division outweighing growth in its retail operations. Profit plummeted 46% to $1.32 billion (EUR 1.21 billion) for the year, which posed challenges for the group, chairman Johann Rupert said.
Tags: Burkhart Grund, Cartier, Jewelry, jewelry maisons, luxury, Rapaport News, Richemont, Van Cleef & Arpels, watches
Similar Articles
Paris Hilton Engagement RingSay Yes to Engagement Rings
Jan 11, 2018
Businessman Kevin O’Leary has sound advice for people who are about to get married: Don’t
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.