A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

A Guide to All Creative Directors

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Richemont's sales increased by 10%

Are these the first signs of recovery from the luxury crisis, or is it just a glare?

Richemont's sales increased by 10% Are these the first signs of recovery from the luxury crisis, or is it just a glare?

Sales of Richemont, the French luxury group behind jewelry brands such as Cartier and Van Cleef & Arpels, increased by 10% during the Christmas holidays. While a rise in interest in jewelry during the festive season was expected, the double-digit growth of the group has surprised the luxury market, which suffered significant losses throughout 2024. Following a general decline in demand for high-end products, Richemont's new report offers a positive signal for all fashion maisons, which can begin to breathe a sigh of relief. According to data released by the French group on Thursday, January 16, forecasts predicted growth of less than 1% in December, but American and European consumers surprisingly accelerated their purchases. Among the preferred items were not watches, reports Richemont, but luxury jewelry. In China, a region critical for the entire sector, the group’s sales in the last quarter of 2024 fell by 18%. 

The results achieved by Richemont during the holiday season benefited the company, which after announcing the increase in sales reported a share increase of 18%. Since the jewelry market follows a slightly different trajectory from other luxury items, it is not guaranteed that the same positive outcome will extend to groups like LVMH and Kering; however, in Paris, during December, LVMH reported sales increases of 8.6% in Paris, and Hermès International of 6%. To learn the results of the last quarter of 2024, we will need to wait for future dates: January 28 for LVMH and February 10 for Kering. Meanwhile, the ultra-luxury brand Brunello Cucinelli has already shared its successes, reporting a record growth throughout 2024, with an increase of 12.2% compared to the €1.14 billion earned the previous year. Cucinelli expects consistent 10% growth over the next two years and aims to double turnover by 2030. Like Richemont, the Italian brand shows that even during the worst storms, some ships manage to stay afloat.