Richemont posts record Q3 sales, led by jewelry division

A model, bag detail, walks the runway during the Chloé Womenswear Spring-Summer 2025 show as part of Paris Fashion Week on September 26, 2024 in Paris, France. · Fashion Dive · Pascal Le Segretain via Getty Images

Lara Ewen

Thu, Jan 16, 2025, 4:41 AM 2 min read

Richemont reported a year-over-year sales uptick of 10% to a record 6.15 billion euros, or approximately $6.33 billion, for the third quarter of the year ended Dec. 31, 2024, according to a Thursday earnings release.
The strong showing was driven by the jewelry division, which posted a 14% increase in sales to 4.5 billion euros. Sales in the company’s other business, which includes its fashion and accessories houses, rose 11% to 782 million euros.
Meanwhile, sales dropped 8% in Richemont’s specialty watchmaker division, which the company attributed to a business decline in the Asia Pacific region.

Dive Insight:

Richemont’s solid quarter speaks to a trend outlined in a recent report from McKinsey, which noted that jewelry could be a bright spot for the luxury sector moving forward. The third quarter was especially notable for Richemont when set against jewelry sales that rose 6% a year earlier.

Sales in the Americas rose 22% to 1.6 billion euros for Q3, while sales in Europe were up 19% to $1.5 billion euros and sales in Japan rose 15% to 592 million euros. In the combined region of the Middle East and Africa, sales increased 21% to 542 million euros.

However, Richemont continued to struggle in the Asia Pacific region, where sales fell 7% to 1.9 billion euros.

The company attributed the decline to an 18% downturn in the combined region of China, Hong Kong and Macau. Richemont added that other markets in Asia showed improvement, “with positive results in most countries including double-digit growth in Korea.”

In its retail channel, third quarter sales grew 11%, led by Richemont’s jewelry houses. This division, which includes Buccellati, Cartier, Van Cleef & Arpels and Vhernier, makes up 71% of the company’s sales.

Wholesale sales were up 4% for the period, which the company attributed to jewelry and its other business, which includes fashion and accessories brands Alaïa, Chloé, Peter Millar and Gianvito Rossi.

Jewelry and other business also led to an 18% increase in online retail sales.

Richemont’s Yoox Net-A-Porter business, which was sold to Mytheresa in October, was presented as discontinued operations in the earnings report. It saw a 14% drop in sales for the three months ended December 2024.