Tugba Sabanoglu
Research lead covering Non-food CG & Retail
The Swiss luxury group Richemont is one of the three main conglomerates of the luxury fashion and accessories landscape. Richemont's portfolio of luxury Maisons is distinguished from The Kering Group and LVMH by its predominant focus on luxury watches and jewelry. Cartier, Buccellati, Van Cleef & Arpels and Piaget, Vacheron Constantin, A. Lange & Söhne are some of the most well-known jewelry and watch brands of the luxury group. In 2023, the group’s net revenues reached a value of nearly 20 billion euros, with the jewelry segment bringing in the largest sales. In terms of market capitalization, Richemont is one of the leading Swiss companies worldwide with a market cap worth 70 billion U.S. dollars.
Over the past decade, Richemont's watchmakers business has consistently maintained stable revenues, hovering around three billion euros. In 2021, with the pandemic and travel restrictions, sales revenue declined to 2.25 billion euros. However, as of 2023, the sales bounced back to 3.88 billion euros, marking a positive bump for this segment.
Jewelry Maisons and Watchmakers
Jewelry is Richemont’s largest product segment, single-handedly contributing to over 40 percent of Richemont’s global revenue. The group’s flagship jewelry label is Cartier, which has a brand value of 12.4 billion U.S. dollars. Cartier is also one of the leading luxury watch brands with seven percent share in the market. Another Richemont brand, Vacheron Constantin, holds a market share of 2.2 percent, for comparison. Cartier, owned by Richemont, is often juxtaposed with Bulgari, owned by LVMH.Over the past decade, Richemont's watchmakers business has consistently maintained stable revenues, hovering around three billion euros. In 2021, with the pandemic and travel restrictions, sales revenue declined to 2.25 billion euros. However, as of 2023, the sales bounced back to 3.88 billion euros, marking a positive bump for this segment.
