Richemont announces 2024 sales growth of 20.6 billion euros and appoints Nicolas Bos as the group’s new CEO

The financial year ended 31 March 2024 for the Richemont group reached an all-time high of 20.6 billion euros, up 3% on the previous year at actual exchange rates and up 8% at constant exchange rates.  This announcement comes at a time when, back in January, the group's financial director Burkhart Grund indicated that the luxury goods market was fraught with uncertainty. This was borne out by a 1% fall in sales in the 4th quarter at actual exchange rates. Most luxury groups, and Richemont was no exception, suffered from a difficult basis for comparison, the previous year having been marked by high sales and unfavourable exchange rates.

Sales were once again buoyed by a very good performance from the Cartier, Van Cleef & Arpels and Buccellati jewellery brands, which account for 69% of Group sales, with sales in excess of €14 billion and an operating margin of 33.1%.  On this point, Johann Rupert, Chairman of the Board of Directors, emphasised in the press release: "I am pleased to announce that Buccellati's sales have quadrupled since its acquisition in 2019". According to the report published on 17 May, sales of the Buccellati brand grew by double digits in the 2024 financial year ended 31 March 2024. The very strong performance of jewellery, and in particular Buccellati, a brand led by Nicolas Bos, who is also President and CEO of Van Cleef & Arpels, is no doubt a factor in his appointment as CEO of Richemont. Johann Rupert commented: "With his solid background, Nicolas brings to his new role all his creativity, his in-depth expertise of the sector and his sense of entrepreneurship. Jérôme Lambert, who will report directly to him, will continue to carry out his duties within the Group as Chief Operating Officer (COO) and remains a member of the Board of Directors."

This announcement therefore sees Jérôme Lambert return to the role of Group Chief Operating Officer (COO) that he held prior to his appointment in 2018 as Chief Executive Officer of the Richemont Group. Nicolas Bos's appointment reflects Johann Rupert's desire to boost the performance of the group, which has included a fourth jewellery brand since 7 May: the Vhernier brand.

Group sales were driven by the Asia-Pacific region (+10% at constant exchange rates) in terms of value, and by Japan in percentage terms (+20% at constant exchange rates), still helped by a very low yen. Japan is seeing an influx of Chinese customers keen to buy less expensive luxury goods. The United States is now the Richemont group's largest individual market.

The group's watch brands did not perform as well as last year, recording a 3% fall in sales at actual exchange rates (+ 2% at constant exchange rates). The press release highlights the solid performance of Vacheron Constantin and A. Lange & Söhne. Sales in the network of mono-brand boutiques and online sales accounted for the strongest growth, with 60% of the Group's watch sales.

The press release highlights the good double-digit performance of the Alaïa fashion house. It also announces that negotiations are underway with potential buyers of the online platform YNAP.