“Excellent” H1 Jewellery Sales Buoy Richemont

Richemont, the Swiss luxury goods major, said its jewellery division comprising Buccellati, Cartier and Van Cleef & Arpels, achieved 24% sales growth to €6.34 billion in the first six months of the financial year that ended 30th September 2022, and delivered a 37.1% operating margin.

“This excellent performance was sustained by growth in all regions and distribution channels… To further support their strong development, manufacturing sites are being expanded, operational teams reinforced, and communication initiatives intensified. Their superior growth was driven by the retail channel, which generated over three quarters of the Maisons’ sales,” Richemont informed.

The company said all product categories did well, including the relaunched silver offer at Buccellati. Iconic jewellery collections such as Clash and Trinity (Cartier), Alhambra and Fauna (Van Cleef & Arpels) and Opera Tulle and Macri (Buccellati), to name a few, continued to outperform.

The jewellery division’s operating result (EBIT) rose by 22% to €2.35 billion, primarily reflecting higher sales, together with increased investment in the retail network, manufacturing and communication.

New store openings during the period included Buccellati in Shin Kong Place (Chengdu) and Singapore Marina Bay Sands, Cartier in Nanjing MixC City Mall, Van Cleef & Arpels in Auckland and San Francisco, in addition to the opening of the Korean flagship store in Seoul. Investments in store renovations included the Cartier flagship boutiques in New York Fifth Avenue and Paris 13 Paix.

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