International News
Richemont Outperforms Forecasts as Jewellery Division Drives Growth
Strong demand for Cartier and Van Cleef & Arpels boosts Richemont’s quarterly sales, offsetting weakness in watch segment.
Richemont, the Swiss luxury group behind Cartier and Van Cleef & Arpels, exceeded market expectations with a 7% rise in quarterly sales, driven by continued strength in its jewellery division. As global demand for high-end fashion softens, affluent consumers are still investing in fine jewellery—helping Richemont outperform many of its luxury peers.
For the fourth quarter ending in March, jewellery sales surged 11% year-on-year, more than compensating for an 11% decline in the group’s watch division, which has been affected by reduced luxury spending in China amid ongoing economic uncertainty and a slowing property market.
Overall, Richemont reported sales of €5.17 billion ($5.80 billion) for the quarter, a 7% increase in constant currency terms, surpassing the 6% rise forecast in a Visible Alpha consensus cited by HSBC.
According to JPMorgan analysts, Richemont’s strong jewellery performance highlights a strategic shift toward “the higher quality, more profitable and less cyclical part of the business.” This repositioning has helped the company remain resilient during a broader luxury sector slowdown.
Shares of Richemont rose 5% in early trading on Friday in response to the results.
Jewellery now represents the lion’s share of Richemont’s business, accounting for 54% of total sales—up from 36% in 2019—signaling the group’s successful pivot toward this high-margin category. “Richemont continued to gain significant market share in jewellery,” noted Jean-Philippe Bertschy, analyst at Vontobel, who praised the division’s “spectacular growth and profitability,” particularly when compared with luxury rival LVMH, owner of Bulgari and Tiffany & Co.
Still, analysts caution that Richemont is not immune to the global volatility affecting luxury demand, though its core clientele and focus on fine jewellery position it more defensively than brands reliant on fashion sales.
International News
US Jewellery Companies Continued To Shrink In The Third Quarter:JBT
During Q3, Business Closures Dropped To 116 Compared To 126 In The Prior Year’s Third Quarter, Driven By 88 General Operational Cessations, 28 Acquisitions Or Mergers, and Zero Bankruptcies.
The number of active US jewelry companies continued to shrink in the third quarter, but at a slower pace than a year ago, according to the latest data from the Jewelers Board of Trade (JBT).The US jewelry industry continued its structural consolidation through Q3, though the pace of business closures showed signs of stabilizing compared to the previous year. Data from the Jewelers Board of Trade (JBT) reflects ongoing consolidation across retail, wholesale, and manufacturing, coupled with heightened credit volatility.
Key Data & Metrics
Nationwide, the active business footprint stands at 21,831 companies, reflecting a 1.4% year-over-year decline. During Q3, business closures dropped to 116 compared to 126 in the prior year’s third quarter, driven by 88 general operational cessations, 28 acquisitions or mergers, and zero bankruptcies. Meanwhile, new market entrants also slowed, with 67 new business openings recorded in Q3 down from 89 during the same period last year.
Sector-by-Sector Breakdown
| Sector | Active Count | YoY Change | Impact Summary |
| Retailers | 16,564 | -1.5% | Makes up the majority of the sector; experienced the largest net store count reduction. |
| Manufacturers | 2,061 | -1.7% | Steepest percentage decline among all segments. |
| Wholesalers | 3,206 | -0.9% | Relatively stable, holding the mildest contraction rate. |
Credit & Financial Health Trends
The JBT report highlights dynamic shifts in creditworthiness across US and Canadian businesses, signaling bifurcated financial health:
- Credit Downgrades: Jumped sharply to 1,655 (up from 620 in Q3 of the prior year).
- Credit Upgrades: Rose significantly to 1,480 (up from 551 in Q3 of the prior year).
While net business closures are tapering off, high numbers of simultaneous upgrades and downgrades point to a split market where resilient operators are strengthening their positions while vulnerable businesses face tighter financial pressures.
US Jewellery Companies Continued To Shrink In The Third Quarter:JBT
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