Strong branding coupled with consumer resilience amid a challenging environment led to robust double-digit jewellery sales at luxury group Richemont. 

High-end jewellery houses belonging to the conglomerate’s expansive luxury portfolio recorded a 21 per cent jump in sales for the financial year ending March 31, 2023, reflecting growth across all channels and regions. 

Sales encompassing all luxury categories were up 19 per cent year on year while operating profit rose 24 per cent, Richemont reported.

Richemont said luxury jewellers Buccellati, Cartier and Van Cleef & Arpels saw their combined sales climb to €13.4 billion (around US$14.6 billion) and operating profit to €4.7 billion (approximately US$5.11 billion).

“While Buccellati continued to develop solidly, generating the highest growth rates across the group albeit from a smaller base, Cartier and Van Cleef & Arpels reaffirmed their market leadership with a high level of sales growth and profitability," Richemont explained. "The jewellery maisons enjoy the highest level of direct-to-client engagement within the group at 83 per cent.”