Luxury goods company Richemont has announced a strong performance for the year ended 31st March 2023, with its Jewellery Maisons division generating 21% sales growth and a 35% operating margin, reflecting growth across all channels and regions. This has contributed to the Group’s sales and operating profit reaching an all-time high of €19,953 million and €5,031 million, respectively.
The Jewellery Maisons division, which includes Buccellati, Cartier, and Van Cleef & Arpels, increased its combined sales to €13.4 billion and operating profit to €4.7 billion, generating an improved 34.9% operating margin compared to the prior year. While Buccellati continued to develop solidly, generating the highest growth rates across the Group albeit from a smaller base, Cartier and Van Cleef & Arpels reaffirmed their market leadership with a high level of sales growth and profitability.
The Jewellery Maisons division also enjoys the highest level of direct-to-client engagement within the Group, at 83%.
Richemont’s Jewellery Maisons’ performance was further reflected in significant store developments during the year. Cartier opened new flagship boutiques in Sydney, Paris, New York, and Seoul. Van Cleef & Arpels opened flagship boutiques in San Francisco and Chengdu, and Buccellati opened new stores in Singapore, Nanjing, and Shenzhen.
All iconic collections outperformed, from Opera Tulle and Macri at Buccellati, Trinity, Panthère and Santos at Cartier to Alhambra, Perlée and Fauna at Van Cleef & Arpels.
The group informed that this strong performance was also broad-based across all Jewellery Maisons, price points, regions and distribution channels.
Growth was the strongest in the Jewellery Maisons’ directly-operated store network which, together with online retail, contributed 83% of the business area’s sales.
Richemont opened new flagship boutiques for Cartier in Sydney, Van Cleef & Arpels in San Francisco and Chengdu, the reopening of Cartier flagship boutiques in Paris 13 Paix, New York Fifth Avenue and Seoul as well as the extension of the Buccellati Roma flagship boutique and new Buccellati stores in Singapore Marina Bay Sands, Nanjing Deji Plaza and Shenzhen Bay Mix.