Results for Richemont Group

Introducing: The Bulova Snorkel Collection With Hybrid Ceramic Cases And Tropical Colors

After Swatch’s Speedmaster MoonSwatch and Scuba Fifty Fathoms collections, we were waiting for the next Swatch Group classic to undergo a Bioceramic metamorphosis. But now it looks like Citizen Group is entering the competition with its new Bulova Snorkel collection. The inspiration for these Hybrid Ceramic watches comes from the brand’s iconic Oceanographer Snorkel, nicknamed […] Visit Introducing: The Bulova Snorkel Collection With Hybrid Ceramic Cases And Tropical Colors to read the full article.

Richemont’s CEO reshuffle signals a new future for the luxury group

One of the watch industry's biggest conglomerates has played musical chairs this week, with a new group CEO appointed and brand CEOs moving around.The post Richemont’s CEO reshuffle signals a new future for the luxury group appeared first on Time+Tide Watches.

Business News: Richemont Appoints Nicolas Bos Group CEO

Alongside its results for the year ended March 2024 – with revenue at an all-time high but marked by slowing growth – Richemont announced a major management revamp with Nicolas Bos promoted to chief executive officer of the group that owns brands like Cartier and Piaget. His predecessor (but not exactly), Jérôme Lambert, will be the group’s chief operating officer. Having led Van Cleef & Arpels (VC&A;) for just over a decade, Mr Bos skilfully grew the jeweller’s revenue more than sixfold during his tenure. At the same time, he managed to established a recognisable identity for VC&A;, one distinct from its bigger sibling, Cartier. He has spent practically his entire career at Richemont, having joined the group in 1992. Prior to taking the top job at VC&A;, he was its creative director, a role he retained even after becoming the jeweller’s chief executive. Effective June 1, the promotion of Mr Bos lends credence to talk of retirement for Cartier boss Cyrille Vigneron, who at 63 is nearing the group’s retirement age. Having led Cartier since 2015, Mr Vigneron has transformed it into a reliably profit generator that accounts for about half of the group’s revenue and a great deal of its profits. And next most profitable brand in Richemont is of course VC&A;. Jerome Lambert Some are more equal than others Mr Bos’ new job implies a demotion of sorts for Mr Lambert, who was appointed chief executive officer in 2018, after having led Jaeger-LeCoultre and then Montbla...

Is A Richemont And Swatch Group Takeover Or Merger A Possibility? Here’s Why It’s Worth Consideration

What would a corporate acquisition of Richemont or Swatch Group look like? What players might be involved? How could this affect the watch-buying and collecting community? Chris Malburg sets out his opinion in this must-read article.

Certina Sea Turtle

Swatch Group watch brand Certina hosted a celebratory dinner at the London Aquarium in June, to showcase its partnership with the Florida-based Sea Turtle Conservancy.

Business News: What Richemont And Swatch Group’s Financial Results Say About The State Of The Swiss Watch Industry

Watchmakers are suffering from weak demand and sales, particularly in China, but there are signs of surprising strength and potential stabilization.

Jérôme Lambert Appointed COO of Richemont, as the Group Posts Upward Sales Performance

Industry News - Richemont Reports Strong First Quarter 2026, Sales up by 20%

Richemont, the Swiss luxury powerhouse, has started its 2026 fiscal year on a strong note. For the first quarter ended 30 June 2026, the group reported revenues of EUR 6.3 billion, representing a 20% increase at constant exchange rates and a 17% rise at actual exchange rates compared with the same period last year.  Summary: […]

Industry News - Richemont Reports Solid 11% Annual Growth for the Year Ended March 2026

Geneva-based luxury goods group Richemont reported a 11% increase in sales at constant exchange rates (+5% at actual rates) for its 2025/26 year, closing at the end of March, at EUR 22,4 billion. At EUR 3.5 billion, the profit for the year’s continuing operation is up 27%. The trend for the fourth quarter remained positive with sales […]

Business News: Breitling’s House Of Brands Unveils New Executive Leadership With Georges Kern As Group CEO

'House of Brands,' the group of watchmakers including Breitling, Universal Genéve, and the soon-to-be-revived Gallet, announced executive changes that will see the flagship brand led by new leadership, with Georges Kern becoming the group's Chief Executive Officer. Jean-Marc Pontroué, a long-time Richemont executive and the former CEO of Panerai and Roger Dubuis, is the new Chief Executive Officer of Breitling, the group says in a statement. The changes take effect in May.  Georges Kern Georges Kern, who has led Breitling under new ownership since 2017, overseeing a more than doubling of annual sales to above CHF 800 million, according to analyst estimates, and one of the most dramatic turnarounds in modern watchmaking, becomes the new CEO of the House of Brands, overseeing the three marques and their leadership in a newly created role.At Universal Genève, which relaunched this month in the high-end segment in what's likely the most ambitious watch brand return and repositioning in decades, Grégory Bruttin remains Managing Director. Meanwhile, at Gallet, the approachable-priced brand known for its Flying Officer and Multichron models, to be revived in August this year, Erwan Rossignol, who is already leading the team preparing the relaunch, becomes Managing Director. The changes confirm the multi-brand ambitions of the private-equity-backed Grenchen, Switzerland-based company, and provide a structure similar to that of other groups with portfolios of several watch bra...

Industry News - Swatch Group Revenues Down In 2025

It’s the time of year when businesses announce their financial performance. Following Richemont and LVMH, Swatch Group has just released its 2025 results. In a challenging environment for the watch industry, the sales of Swatch Group – the Swiss powerhouse and owner of Omega, Longines, and Tissot – were CHF 6,280 million, down 1.3% at constant exchange rates […]

Industry News - Richemont Sells Baume & Mercier to Italian Jeweler Damiani

Swiss-based conglomerate Richemont, owner of multiple jewellery and watch brands such as Cartier, IWC, Piaget, A. Lange & Söhne or Vacheron Constantin, to name a few, has agreed to sell Swiss watch brand Baume & Mercier, which it acquired in 1988, to the Italian, family-run Damiani Group, concluding a strategic review of the long-time Richemont […]

Richemont Unloads Baume & Mercier

Today Richemont confirmed the rumoured sale of its entry-level Baume et Mercier brand to the Damiani Group, a key distributor of the brand in Italy through its retail chain Rocca. While Baume et Mercier is understood to not be profitable, the acquisition should give Baume et Mercier the home-field advantage, as Italy is one of the most important markets for the brand today. According to the Baume et Mercier website, 325 stores in Italy carry the brand, compared to just 150 in France, 130 in the United States, and only 66 in Mainland China. A leaner Baume et Mercier focused on the Italian market, in the same vein as Eberhard & Co., is likely in the long-term, but in the meantime it must be untangled from Richemont. The deal is expected to close this summer, after which Richemont will provide “operational services” for the brand for at least 12 months. It is unclear whether the brand’s “Baumatic” movements with 5-day power reserves will survive the transition, as there are made by ValFleurier - Richemont’s counterpart to ETA. For more information, visit Richemont.com.  

Industry News - Richemont Reports Overall Sales Up for Q1 2025, But Sales Down 7% for Watches

The luxury watch industry is impacted by the slowing global economy, changes in consumer behaviour and tariff wars. Despite this challenging environment, Geneva-based luxury goods group Richemont reports solid revenues for the start of the year, with a positive trend for the first quarter ended 30 June 2025. Over the period, the Group’s sales are […]

Industry News - Richemont Reports Annual Growth for the fiscal year Ended March 2025, Despite Challenges

The slowing global economy and changes in consumer behaviour are hurting the luxury watch industry. Geneva-based luxury goods group Richemont reported a 4% increase in sales for their 2024/25 year, closing at the end of March at EUR 21,399 million. At EUR 3.8 billion, the profit for the year’s continuing operation is down 1%. This […]

Industry News - Swatch Group Revenues and Profit Down in 2024

It’s the time of year when businesses announce their financial performance. Following Richemont and LVMH, Swatch Group has just released its 2024 results. In a challenging environment for the watch industry, the sales of Swatch Group – the Swiss powerhouse and owner of Omega, Longines or Tissot – were CHF 6,735 million, down 12.2% at […]

Business News: Richemont First Quarter Results, Jewellery Faring Better Than Watches

The first quarter results of Richemont, the Swiss luxury group that just announced a new chief executive, illustrate a well-established trend in the luxury goods industry, with the group’s jewellery brands outperforming its watchmakers in the three months to end June 2024. Dominated by Cartier and Van Cleef & Arpels, the Swiss group’s jewellery division eked out a 4% increase in sales, reflecting the strength of the group’s twin jewellery giants. Notably, the revenue growth was “supported by both jewellery and watches”, reflecting the brand equity of each jeweller has carried over into their respective watch offerings. The three jewellery brands – the smallest is Buccellati – accounted for 70% of Richemont’s turnover. Although profit was not announced, the jewellers are also responsible for an even greater share of the group’s profits. Watch weakness In contrast, the watch division saw revenue fall 13%. Amongst the division’s brands are IWC, Panerai, Piaget, and Jaeger-LeCoultre. Interestingly, A. Lange & Söhne and Vacheron Constantin were singled out for their “resilience”. Unsurprisingly, both are haute horlogerie brands that derive the highest proportion of revenue from in-house boutiques, as opposed to third-party retailers. Whether this resilience is durable is an open question, although odds are not in the brands’ favour given their respective product mix, sales strategies, and consumer sentiment. Only available at boutiques At a group leve...

Business News: Richemont Posts Strong Recovery; Watches Continue Decline

After a weak first half, Richemont’s business started its turnaround in the second half of the financial year, which ended in March 2021. From a 25% year-on-year revenue decline in the first half at constant exchange rates, the Swiss luxury group enjoyed a 36% rise in sales in the last quarter. As a result, revenue for the full year was down just 5% compared to the year before, to slightly over €13 billion. The healthy numbers and positive outlook helped send Richemont shares past 100 Swiss francs during trading, a five-year high. Divergent fates Beneath the strong recovery in the group’s numbers lay a recurring theme: a disparity in performance between regions, channels, and divisions. This echoes that of its rivals and the broader luxury-good industry – characterised by a strong recovery in Asia, moderate recovery in the United States, and continued weakness in Europe. And within the group, Cartier and Van Cleef & Arpels are powering ahead, leaving most of its watchmakers lagging. Continuing a trend that began in the third quarter, sales in Asia Pacific – all Asian countries except Japan – rose by a staggering 106% in the final quarter, boosting revenue in the region by 22% for the year. Asia Pacific sales are now the largest proportion of Richemont’s revenue at 45% of the total, compared to the historical one-third share. The performance was driven by strong sales in China, both in Richemont’s physical stores and its online mall on Alibaba’s Tmall Lu...

Business News: Richemont Six-Month Watch Sales Plunge 38%

Richemont just reported its sales for the first half of the financial year – the six months to end September 2020 – and most of the numbers are in the red. The Swiss luxury group that owns Cartier and IWC saw sales fall 26% year on year, though the quarterly numbers show a gradual recovery. Sales were down by 47% in the first quarter but recovered enough to dip just 6% in the second quarter, owing to a gradual reopening of the economy. This no doubt inspired optimism amongst investors, who sent the group’s share price up almost 9% by the close of trading. Optimism notwithstanding, the declines extended to all performance metrics. Operating margin fell sharply to just 8.3%, almost half that for the same period in 2019. The falls in sales and margins collectively led to stark, 82% fall in operating profit. Net profit cratered, going from €869m in the first half of 2019 to just €159m. Beyond the negative numbers, the report was also notable for what it did not include. With rumours swirling about changes to Richemont management at the very top level – particularly about the tenure of chief executive Jerome Lambert – it was widely speculated the results announcement would include personnel changes, but nothing was forthcoming. Woe for watches and everywhere but Asia The global pandemic meant a global fall in sales, but with drops varying from region to region. As expected, Asia Pacific performed the best, with sales falling just 4%. Negative growth in the fir...

Business News: Richemont Sales Halve in First Quarter of 2020

Just days after the Swatch Group posted dismal half-year results, Richemont reported predictably poor sales for its first quarter, with revenue falling 47% to €1.99 billion compared to a year earlier. Like its rival the Swatch Group, Richemont was hit hard by the COVID-19 pandemic. The owner of almost two dozen watch and jewellery brands, including Cartier, IWC and Panerai, suffered from widespread store and distribution centre closures, a worldwide halt in tourism, and dampened consumer interest in many of markets, although China was a bright spot. Degrees of resilience The group’s business across the world was affected to varying degrees from region to region, depending on a combination of factors, namely the duration of closures, tourist spending, and spending of the domestic buyers. Although Richemont reported double-digit sales declines across all regions, distribution channels and business areas, the decreases were less pronounced in the Middle East, Africa, and Asia Pacific – the latter benefitted from a 47% year-on-year growth in sales in China, which exited its lockdown earlier than the rest of the world. China’s performance helped keep sales in the Asia Pacific resilient, to a degree. Sales in the region decreased by 29% at actual exchange rates to €277m, declining in all Asian markets, except China. Amongst the hardest hit were Japan and the Americas, where sales dropped 62% and 60% respectively due to widespread closure. The 2020 Cartier Privé Tank...

Business News: Richemont Fortifies Balance Sheet with €2 Billion Bond Sale

Having just announced its full-year results while predicting a gloomy outlook for the business, Richemont has successful placed €2 billion of bonds, with coupon ranging from 0.75% for the 8-year note to 1.625% for the 20-year note. The bond placement boosts the Swiss luxury group’s robust balance sheet, which had a gross cash position of €6.34 billion and a net cash position of €2.40 billion at the end of March 31, 2020. The notes received an A+ rating from credit ratings agency S&P;, which also lowered its outlook for Richemont from stable to negative, “citing the possibility of a downgrade if the coronavirus pandemic causes the company’s credit metrics to worsen”. Widely regarded as a savvy investor who transformed his family’s tobaccco-and-banking empire into an even larger one focused the “hard” luxury of watches and jewellery, Mr Rupert’s belief in the severity of the pandemic-induced recession is obvious. That, in turn, does not bode well for the luxury watch business. Richemont’s biggest earner is Cartier – the jewellery division is half the group’s turnover – it also owns a host of luxury watch brands, including A. Lange & Söhne, IWC, and Panerai, which make up about 20% of its sales. During Richemont’s earning conference call on May 15, Mr Rupert explained the bond issue: “We have always believed in protecting our balance sheet… For years, a lot of investment banks questioned us about that it’s a lazy balance sheet. But h...

Business News: Richemont Reports Flat Watch Sales and Losses Online

Having just announced its six-month results to the end of September, luxury conglomerate Richemont eked out a rise in sales driven by its jewellery division, with its online business staying in the red and watchmakers showing no growth. Sales rose 9% increase to €7.397 billion, with a stable net profit of €869 million, based on actual exchange rates. The group reported double-digit sales growth in China, Korea, Japan, the US and the United Kingdom. But overall sales in Asia Pacific, which accounts for 37% of the group’s sales, has been subdued, mostly due to the political unrest in Hong Kong, which accounts for around 10% of the group’s revenue. The city saw sales drop by double digits. Richemont’s jewellery brands, namely Cartier and Van Cleef & Arpels, though it just added Buccellati to its portfolio, reported an 8% rise in sales. Notably, it was led by a higher increase in watch sales than jewellery. Prospects for the group’s watch brands, which include IWC and Panerai, have been muted due to the slump in its biggest market, Hong Kong. Richemont singled out Panerai, A. Lange & Söhne and Vacheron Constantin as enjoying the highest growth within the watch division, which is notable for the fact that these brands are not usually the drivers of growth, at least in recent years. The A. Lange & Söhne Odysseus, launched too late to help sales but its maker did well anyway In terms of sales channels, retail sales at Richemont’s own stores were up by 4%, but who...

Business News: Richemont Acquires Milanese Jeweller Buccellati

Swiss luxury conglomerate Richemont has just added Buccellati to its stable of luxury brands, which include watchmakers like A. Lange & Söhne, IWC, Panerai. Richemont is buying the 100-year old Milanese jeweller from Gangtai Group Corporation Limited, a Chinese conglomerate that bought a majority stake in 2017 that reputedly valued the jeweller at €230m, or about US$271m at the time, according to Forbes. Gangtai had owned 85% of Buccellati, with the remainder held by the founding family, but like many of its peers the Chinese group has been forced to sell assets as the Chinese government put a stop to the debt-fuelled overseas expansion that was earlier fashionable. The terms of Richemont’s acquisition were not disclosed, although Chinese news website Jing Daily reports Buccellati was valued at US$313m, including debt, equivalent to about 15% of Richemont’s net cash position in the last fiscal year. According to Richemont, Buccellati family scion Andrea Buccellati as well as several other family members will remain with the jeweller after the takeover. Buccellati gives Richemont a more diverse presence in high-end jewellery, where its business is concentrated the Parisian jewellers Cartier and Van Cleef & Arpels, which together account for the bulk of group sales. In contrast to the French style of both Cartier and Van Cleef & Arpels, Buccellati’s Italian sensibility gives Richemont a stylistic counter to Bulgari, the Roman jeweller owned by French luxury ...

Business News: Richemont and Swatch Results; Massive Inventories at Swatch

Swiss watchmaking groups Richemont and Swatch Group just announced their first quarter and six-month results for 2019 respectively, with each going in opposite directions. Owner of brands like Cartier, IWC and Panerai, Richemont saw growth across most segments and regions. Overall sales were up 12% at constant exchange rates, with every region growing in the low teens save for the Middle East and Africa. Sales in Asia grew 10%, led by China, where demand is up due to lower taxes locally on luxury goods and more stringent checks on travellers importing items bought overseas. Most notable was the performance of its online channels, namely luxury fashion mall Yoox Net-a-Porter (YNAP), pre-owned watch merchant Watchfinder, and to a lesser extent. That growth is from a low base of comparison: last year’s first quarter for each platform was only two and one month respectively. That being said, online sales are still substantial, rising to 50% to €648m, almost equal to the €698m of sales in the Americas as a whole. The group’s watchmaking brands, which include A. Lange & Söhne and Vacheron Constantin, saw overall sales dip 2%. This was attributed to a reduction in the number of sales channels as well as reduced orders of new product by retailers. Up in Biel, where the Swatch Group has its headquarters, half-year sales were down 3.7% at constant exchange rates, to 4.07 billion Swiss francs. Net profit followed suit, shrinking 11.3% to 415m francs. For the full year, howe...

Mid-Term Analysis: Swatch vs Richemont

With the staggering difference in stock price performance between Swatch Group and Richemont, we decided to dig deeper with an analysis on what had contributed to the disparity.

Business news: Richemont appoints Jérôme Lambert as COO

Richemont announcement: Jérôme Lambert is the new Chief Operating Officer of the group, and Emmanuel Perrin is Head of Specialist Watchmakers Distribution.

Industry News - Swatch Group Reports Sales Up 8.5% in its Half-Year Report 2026

Following two difficult consecutive years, with sales down 12% in 2024 and 7% in 2025, the Swatch Group, the Swiss watchmaking giant owner of brands such as Omega, Breguet, Longines, and Tissot, is now back to growth. Indeed, as indicated by its half-year 2026 report, Swatch Group recorded “a strong increase in sales, up +8.5% […]

Autodromo Adds an Affordable Ana-Digi Watch to the Group C Lineup

The Autodromo Group C Turbo Sport pairs an analog dial with a digital display for the first time in the brand's history.

Introducing: The Autodromo Group C Turbo Sport Chronograph

What We Know It's been a while since we've heard from Autodromo. The motorsports-inspired boutique brand is a longtime favorite of many here at Hodinkee. Heck, we did a pretty cool LE with them back in 2023, featuring a special-edition series of Group B Chronographs. That same year, the brand unveiled its Group C, a watch that captured the spirit of digital '80s watches rather nicely.   Today, Autodromo is launching its first totally new model since then. Meet the Autodromo Group C Turbo Sport, a fresh take on the practical analog-digital (ana-digi) watches like the Tissot Two Timer, the Heuer Manhattan Chronosplit GMT, and, of course, Breitling's Aerospace and Pluton that once adorned wrists behind the wheel and at the track a couple of decades back.   The case is 38.5 millimeters in diameter and made from anodized aluminum – that's the alloy that your BMX bike parts used to be made from back in the day – or at least mine were. The new Group C Turbo comes in three anodized aluminum flavors, clear, grey, and gold. Each has a stainless steel caseback and features a grid dial that's meant to evoke the tachymeter instruments of the Group C Turbo racing era that ran from the early 1980s until about 1993, and was defined by European endurance events including the 24 hours of Le Mans. The Group C cars of the era that inspired these watches featured clean lines, ground effects that delivered high downforce, and turbochargers, offering outsized horsepower that demanded physi...

Richemont Financial Results Show U.S. Market Resilience As Middle East Sales Hit By War

Richemont's annual financial results and executive commentary showed continued strength in the U.S. market for the Swiss luxury conglomerate's watches and jewelry despite rising consumer prices and economic fallout from the war with Iran. At the same time, sales in the Middle East, particularly the United Arab Emirates have declined since the conflict began in late February. Richemont Chairman Johann Rupert. "It is, at times, truly surreal, but the US economy, the metrics are still looking better than many other economies," Johann Rupert, Richemont's chairman, said on a call with media following the release of the company's annual financial results. Richemont said sales in the Americas rose 17% from the year before and increased by double digits in both watches and jewelry at constant exchange rates during the company's fiscal year ended in March. Richemont, which owns brands including Cartier, Van Cleef & Arpels, IWC, Jaeger-LeCoultre, and A. Lange & Söhne,  said sales in the region increased by 18% in the fourth quarter of its fiscal year compared to the same period a year earlier. "Looking ⁠ahead, uncertainty is likely to persist, not least in relation to developments in the Middle East," Rupert said. While U.S. sales stayed resilient, Richemont brands selling in the United Arab Emirates, particularly in Dubai, suffered declining sales and foot traffic in stores because of the war. While Abu Dhabi has shown signs of recovery, "in Dubai, they are more reserved, and y...