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Results for Richemont Group

632 articles · 13 videos found · page 3 of 22

Business News: Richemont First Quarter Results, Jewellery Faring Better Than Watches SJX Watches
Vacheron Constantin were singled out Jul 16, 2024

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...

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Business News: Richemont Posts Strong Recovery; Watches Continue Decline SJX Watches
Cartier May 22, 2021

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...

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Business News: Richemont Six-Month Watch Sales Plunge 38% SJX Watches
Cartier Nov 7, 2020

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...

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Business News: Richemont Sales Halve in First Quarter of 2020 SJX Watches
Panerai suffered from widespread store Jul 16, 2020

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...

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Business News: Richemont Fortifies Balance Sheet with €2 Billion Bond Sale SJX Watches
Panerai which make up about May 19, 2020

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...

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Business News: Richemont Reports Flat Watch Sales and Losses Online SJX Watches
Vacheron Constantin as enjoying Nov 8, 2019

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...

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Business News: Richemont Acquires Milanese Jeweller Buccellati SJX Watches
Panerai Sep 27, 2019

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 ...

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Business News: Richemont and Swatch Results; Massive Inventories at Swatch SJX Watches
Vacheron Constantin saw overall sales dip Jul 18, 2019

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...

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Subprime Reporting? Thoughts On The Recent Morgan Stanley/Swatch Group Controversy Fratello
Swatch Mar 6, 2026

Subprime Reporting? Thoughts On The Recent Morgan Stanley/Swatch Group Controversy

Morgan Stanley Investment Management published its Ninth Annual Swiss Watcher on February 19th. The report dives deep into the commercial performance of the Swiss watch market on a brand-by-brand level. I assume very few watch enthusiasts read the whole thing, but one table is rather famous: the top 50 Swiss watch brands ranked by turnover. […] Visit Subprime Reporting? Thoughts On The Recent Morgan Stanley/Swatch Group Controversy to read the full article.

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Industry News – Richemont Reports Sales Up 11% For the Third Quarter of 2025 Monochrome
Cartier IWC JLC Jan 15, 2026

Industry News – Richemont Reports Sales Up 11% For the Third Quarter of 2025

Despite a challenging political and economic context worldwide, and the undeniable impact of tariffs on exports to the US, luxury powerhouse Richemont, owner of Cartier, IWC, JLC, and Vacheron, seems to remain strong. Indeed, in its latest quarterly report for the three-month period ended 31 December 2025 versus the prior-year period, and at constant exchange […]

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Fratello Talks: Swatch Group Releases 2025 [Live From The Utrecht Watch Valley Event] Fratello
Swatch Aug 28, 2025

Fratello Talks: Swatch Group Releases 2025 [Live From The Utrecht Watch Valley Event]

Welcome to another on-location episode of Fratello Talks, this time from the Watch Valley event in Utrecht, where the Swatch Group unveiled its latest novelties for 2025. In attendance were Nacho, Daan, and RJ, keen to get a full preview of the year’s releases from the brands present. The event was packed with exciting novelties […] Visit Fratello Talks: Swatch Group Releases 2025 [Live From The Utrecht Watch Valley Event] to read the full article.

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Industry News – Swatch Group Reports Sales Down 7% and Profit Decline for First Half of 2025 Monochrome
Longines Tissot Jul 17, 2025

Industry News – Swatch Group Reports Sales Down 7% and Profit Decline for First Half of 2025

In a challenging environment for the watch industry, Swatch Group, the Swiss powerhouse owner of brands such as Omega, Longines, Tissot and Breguet, reported sales of CHF 3,059 million for the first half of 2025, representing a decline of 7.1% at constant exchange rates and 10.4% on a comparable basis. The operating profit dropped to […]

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It’s Official: Rolex Is Out, And LVMH Is In  - The Arnault-Led Luxury Group Lands A 10-Year Partnership With Formula 1 Fratello
TAG Heuer through Formula 1 but Oct 3, 2024

It’s Official: Rolex Is Out, And LVMH Is In  - The Arnault-Led Luxury Group Lands A 10-Year Partnership With Formula 1

It’s been a rumor for quite a while, so the fact that Rolex is out and LVMH is in as of next year didn’t come as a surprise. Maybe the length of the firm 10-year contract is. In addition, LVMH won’t promote just the historically correct watch brand TAG Heuer through Formula 1 but also […] Visit It’s Official: Rolex Is Out, And LVMH Is In  - The Arnault-Led Luxury Group Lands A 10-Year Partnership With Formula 1 to read the full article.

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Fratello Talks: Swatch Group Novelties From The Watch Valley Event In Utrecht Fratello
Swatch Apr 25, 2024

Fratello Talks: Swatch Group Novelties From The Watch Valley Event In Utrecht

Hello, and welcome to an on-location episode of Fratello Talks. Today, Nacho, Daan, and Lex are coming to you from the Watch Valley event in Utrecht, where Swatch Group novelties for the first half of 2024 were unveiled. They’ll run through some of their favorites and give opinions on the different brand’s new watches and […] Visit Fratello Talks: Swatch Group Novelties From The Watch Valley Event In Utrecht to read the full article.

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Industry News – Swatch Group 2023 Results Show Solid Growth of Sales, Positive Outlook for 2024 Monochrome
Longines Tissot or Breguet reports Jan 23, 2024

Industry News – Swatch Group 2023 Results Show Solid Growth of Sales, Positive Outlook for 2024

Following the announcement in July 2023 of its half-year results showing an impressive growth of 18% in sales, Swatch Group has just issued its key figures for the entire year 2023. The Biel-based conglomerate, owner of brands such as Omega, Longines, Tissot or Breguet, reports sales up by 12.6% at constant exchange rates, or 5.2% […]

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