Geneva, Switzerland—Jewelry sales increased by double digits in the third quarter for Richemont, propelling the luxury conglomerate to a record Q3.
The company reported Thursday that in the period ending Dec. 31, sales by its four jewelry brands, Cartier, Van Cleef & Arpels, Buccellati, and the recently acquired Vhernier, totaled €4.5 billion ($4.64 billion), up 14 percent from €3.95 billion ($4.07 billion) from the third quarter 2023.
The increase came despite the fact that Richemont’s jewelry division was up against strong comps from Q3 2023, when sales increased 12 percent year-over-year.
Richemont said both its classic jewelry collections—think Cartier “Love” or Van Cleef & Arpels’ “Alhambra” designs—and its new introductions contributed to the increase, particularly during the holiday season.
Watch sales, meanwhile, fell 8 percent in the third quarter, totaling €867 million ($893 million) compared with €939 million ($967 million) in the prior-year period. It is an improvement from the first half of the year, when Richemont’s watch sales were down 16 percent year-over-year.
Richemont, which owns Jaeger-LeCoultre, Vacheron Constantin, and Piaget, among other brands, noted that continued sluggish sales in the Asia Pacific region were a drag on the division.
Watch sales increased across all other regions, including a double-digit increase in the Americas.