Swiss luxury group Richemont, owner of the Buccellati, Cartier, and Van Cleef & Arpels jewelry brands, recorded a 129% increase in sales in the three months ending on June 30. The outstanding performance was led by the Jewellery Maisons and Specialist Watchmakers, with a growth of 142%, to €2.52 billion (US$2.97 billion) and 143%, to €849 million (US$1 billion), respectively.
Cartier recently shared China was the first market to offer the French luxury goods brand a robust rebound in sales since the pandemic broke out. The brand shared that e-commerce sales in China also saw a phenomenal rise since the outbreak, prompting the company to solidify its plans to raise investments in the country. The rebound and growth are attributed to the solid performance of pandemic-related travel restrictions, causing Chinese consumers to purchase luxury goods locally rather than abroad.
An Art Deco aquamarine and diamond necklace by Cartier, dated circa 1940, sold for £459,062 (approx. $601,399) including premium, at Bonhams' London Jewels sale, tripling its pre-sale estimate of £100,000 - 150,000 (est. high of $197,440). The auction house says that the highly articulated geometric necklace, set with nearly 170 carats of beautifully matched aquamarines, was an impeccable example of Cartier's late Art Deco style and sparked an international bidding war.
JCK's Rob Bates writes about a recent anti-money laundering compliance oversight that cost Richmont - through one of its Cartier stores - $384,000 in a settlement with the Office of Foreign Assets Control (OFAC). "On four separate occasions between 2010 and 2011, an individual purchased jewelry from Cartier boutiques in California and Nevada", but the Cartier shops involved neglected to identify the company to which the jewelry was shipped - Shuen Wai Holdings Limited in Hong Kong - as being on the blocked list.
Richemont, the second largest luxury goods company in the world, announced sales had jumped during the April-to-August period as a result of Asia's strong performance.
Luxury houses such as Cartier, Piaget and Chanel have launched collections on Net-a-Porter and are doing well, despite critics of the format. Cartier made a relatively risky move by placing Panthère de Cartier, a white gold diamond watch retailing for US$77,000 (HK$600,000) on the online platform Net-a-Porter. Within two weeks of the collection’s launch, the watch was sold. Of course some ‘purists’ believe that luxury products must be felt to create an emotional engagement, which is hard to replicate online.
Richemont, the second largest luxury goods company in the world, released its consolidated results for the financial year that ended 31 March 2017. Jewelry sales for the group - including Cartier and Van Cleef & Arpels - were up 7% to $4.55 billion, a growth considered rare for this section of the group’s portfolio. The report suggests the rise was partially offset by a weak watch division as watch sales dropped by 15% to $4.75 billion.
With 850 million active users monthly, western luxury brands have been quick to embrace China’s “most important platform for luxury brands”, WeChat. Local and international brands have realised the potential of the platform to make them key players in China’s $103 billion jewelry market. Western companies have used it for flash sales as well as marketing and customer interaction. While these flash events have spurred sales, China’s online sales remain limited, says Antoine Pin, managing director of Bulgari in greater China.
Richemont, the second largest luxury goods company in the world, just shared their trading update for the third quarter ended December 31 2016, reporting an overall 5% uptick at constant exchange rates to $3,292.5 million and a 6% rise at actual exchange rates. In Europe, sales increased by 3% in the third quarter, in contrast with the 17% decline registered in the first six months of the year. The report suggests the increase was primarily due to local sales and tourist purchases in the United Kingdom as well as strong jewelry sales across the region.
Last week Sotheby’s auction house sold $29.7 million worth of jewelry in 2 separate auctions in New York. The most expensive lot being a diamond ring from the collection of philanthropist Marjorie S. Fisher. The ring being one of over 300 jewels that were sold at auction and once belonged to the late Fisher, whereof many pieces have a distinguished provenance.
In response to Walmart selling their $18,000 Diamond Watch on walmart.com, Cartier issued a statement clarifying that Walmart is not authorized to sell its products. Walmart has more than tripled its online offering of products over the past year, and made headlines last week when the Wall Street Journal reported that a third-party vendor, New York-based Jewelry Unlimited, was selling a $18,000 diamond watch by Cartier on walmart.com on Black Friday. Cartier took aim at Walmart on Monday, saying it could not vouch for the authenticity of the watches sold via walmart.com.
Cartier is preparing for the reopening of its flagship store on New York’s Fifth Avenue following renovations at the 653 Fifth Avenue maison that began in 2014. The jewelry giant opened a temporary storefront further up the famous New York street to ensure service continued for locals and travelers alike. The September opening that dovetails with the fashion shows in the city.
Giant global luxury firm Richemont, which owns Cartier and Montblanc among its other subsidiaries, gives a comprehensive picture of the state of the luxury market with its results for the fiscal year ending March 31. The company's results were impacted by the power of the Swiss franc, a crackdown on corruption in China, overstocking by dealers, and the low pace of economic growth around the world as well as geopolitical uncertainty. Richemont’s sales rose 6% to €11.1 billion, while net profit was €2.23 billion, below the €2.39 billion analysts had been expecting.
LVMH jewelry brand Bulgari sees a rise in sales in the second half of this year after sales were hit as a result of the terror attacks in Paris in November."If we keep that traction through the summer, the second half could indeed be much stronger in terms of growth rate," Chief Executive Jean-Christophe Babin told Reuters in an interview. He added that the jeweler aims to grow sales by more than 10% this year. Bulgari is the world's third largest watch and jewelry maker behind Cartier and Tiffany, generating annual revenue estimated at $1.7 billion-2.25 billion.
The upscale jewelry firm's advert has already become the most popular release this year of an online advertisement by any of the major diamond jewelers. The 90-second Ad featuring Diamonds Are a Girl’s Best Friend, had been seen 1,735,074 times by December 1, a week after it was posted on the luxury group’s official YouTube page.
Rudy Chavez, veteran president of Baume & Mercier North America, is leaving the watch brand to become a vice president of Cartier, JCK reports. Chavez joined Baume & Mercier in 2003 as vice president of sales and president of its North American unit three years later. Neither Baume & Mercier nor Cartier officially commented, JCK added. Early last month, Cartier's parent company, Compagnie Financière Richemont, announced that CEO Stanislas de Quercize would step down for personal reasons, effective immediately.
Shared socially as well as within an email sent to subscribers, the French jeweler's film is a take on Marilyn Monroe’s 1953 musical number in the film 'Gentlemen Prefer Blondes,' where the actress famously sings 'Diamonds Are a Girl’s Best Friend.'
Stanislas de Quercize, CEO of Cartier, will step down for personal reasons, effective immediately, Compagnie Financière Richemont announced Friday. The Swiss luxury goods holding company owns the luxury retailer. De Quercize has held the top position at Cartier since 2012 and has been with Richemont since 1990, serving in leadership positions with several brands. He will also resign from Richemont’s Group Management Committee but will remain as a Group executive, taking over the role of chairman of Richemont France.
Stanislas de Quercize, CEO of the world-famous jeweler and watch-maker which is part of the luxury goods giant Richemont, has been off work for several weeks due to health problems, Reuters reported, citing sources close to the issue. Several sources, including one of his direct assistants, said he was suffering from "burn-out," while one of Quercize's associates said it was not know when he would be returning to work. Quercize has been at Richemont for 25 years and has been head of Cartier since the end of 2012.
Tiffany and Cartier jewelry brands enjoy the greatest awareness among affluent consumers, according to the new Millionaire Monitor, the 27th tracking study of the wealthiest 10% of U.S. households by the American Affluence Research Center (AARC). Tiffany and Cartier earned 98% awareness, while four other brands scored above 95% (Chanel, Kay, Zales, and Jared), while Graff and Buccellati were recognized by approximately 20%. Prior purchases of the brands ranged from a low of zero for Graff to a high of 50% for Tiffany.