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Jewellery sales fuel Richemont’s growth

21 May 2019


Cartier Panthère watch

Cartier Love bracelet with diamonds

Van Cleef & Arpels' Alhambra ring

 

Cartier and Van Cleef & Arpels were the strongest performers in Richemont’s business portfolio, driving growth in overall sales for the year ending March 31, 2019.

Group sales registered a 27 percent year-on-year increase, with the company reporting growth in all business areas and double-digit gains in the directly operated boutiques of its jewellery maisons and specialist watchmakers. 

Sales of Cartier and Van Cleef & Arpels were up 10 percent during the period in review, thanks to the continued success of the Love and Juste un Clou collections at Cartier, and Alhambra and Perlée collections at Van Cleef & Arpels. Watch sales benefited from the launch of the rejuvenated Santos de Cartier and from the enduring appeal of both the Cartier Panthère and Van Cleef & Arpels’ Poetic Complications watch collections. Performances in the Americas and Asia Pacific were strong, Richemont said.

Operating results meanwhile rose 16 percent year on year, the luxury group said, adding that the €303 million (around US$338 million) improvement primarily reflected higher sales, continued manufacturing efficiency gains and good cost control. 

“The jewellery maisons accelerated investments in both store renovations and communication initiatives. These investments included the renovation of the Cartier flagship store in London New Bond Street, the relocation of the Van Cleef & Arpels IFC Pudong store in Shanghai, the new Cartier corporate campaign and the Van Cleef & Arpels campaign celebrating Alhambra’s 50th anniversary. Operating margin gained 160 basis points to 31.5 percent,” revealed the group.