Richemont’s H1 Jewellery Sales At Record High

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Richemont’s H1 Jewellery Sales At Record High
Van Cleef & Arpels Folie des Prés pendant and bracelet in white gold, set with pink and mauve sapphires and diamonds. Photo by Erik Madigan Heck

Swiss luxury group Richemont said its jewellery Maisons, comprising Cartier, Van Cleef & Arpels, Buccellati and Giampiero Bodino, emerged stronger from the global economic crisis caused by the Covid-19 pandemic, achieving record half-year sales of €5.09 billion (+67% vs. 2020 and +36% vs. 2019) and operating margin of 37.9%.

Richemont said, “Cartier and Van Cleef & Arpels have reaffirmed their leadership position as jewellers of choice while Buccellati’s distinctive savoir faire and aesthetics are getting international recognition. In addition, Cartier was entrusted by Richemont to launch the ‘Watch and Jewellery 2030 Initiative’ with Kering and the Responsible Jewellery Council to begin a collective journey to ensure the industry creates positive outcomes for the planet and its people, as well as the ‘Aura Blockchain Consortium’ with LVMH and Prada Group. The consortium aims to address the challenges of transparency and sustainability, thereby enabling customers to follow a product’s lifecycle, from conception through distribution, with trusted data throughout.

The Maisons benefited from increased high jewellery sales and additions to their iconic jewellery collections, notably Tulle at Buccellati, Panthère at Cartier and Frivole at Van Cleef & Arpels. “Buccellati, acquired in September 2019, successfully accelerated its development, notably in Asia Pacific and Japan. Overall, the Americas, Asia Pacific and 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. Overall, the Jewellery Maisons achieved a solid double-digit growth of 36% compared to the six-month period ended 30 September 2019,” it noted.

The 109% increase in operating result to €1.93 billion primarily reflected higher sales, supported by higher and effective media spend, increased utilisation of manufacturing facilities and good cost control overall, Richemont stated. Investments in store renovations included the Cartier boutique in Geneva rue du Rhône and Singapore Marina Bay Sands. New store openings during the period included Buccellati in Tokyo Ginza, Cartier in Paris La Samaritaine and Van Cleef & Arpels in US Wynn Las Vegas, it added.

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