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South African billionaire Johann Rupert's Compagnie Financière Richemont SA is expected to lean on its jewelry brands again when it reports results for the six months to Sept. 30 on Friday, Nov. 13.
The Geneva-based owner of Cartier and Van Cleef & Arpels is set to benefit from continued demand for high-end jewelry, which has carried the group through a slowdown that has hit much of the luxury industry. Its watch business has grown at a slower pace.
The first quarter showed the gap. Sales rose 20% at constant exchange rates to €6.3 billion ($7.1 billion) in the three months to June 30. Sales at the Jewellery Maisons division, which includes Cartier, Van Cleef & Arpels and Buccellati, climbed 24%, while the specialist watchmakers, a group that includes IWC Schaffhausen, Jaeger-LeCoultre and Panerai, posted an 8% increase.
Richemont's own stores did most of the work. Sales through directly operated boutiques rose 24% and made up 71% of the group's revenue in the quarter, while online sales grew 18%.
De Beers in the background
Investors will also look for any comment on De Beers. Botswana has backed a consortium seeking to buy Anglo American Plc's stake in the diamond producer, and Richemont's name has come up in the discussion. The company has not confirmed that it is taking part.
A move into diamond mining would be a departure for a group built on luxury brands and retail.
Rupert's control
Rupert, 76, is chairman of Richemont and the group's controlling shareholder. His holding company, Compagnie Financière Rupert, owns all of Richemont's B shares, which give him about 51% of the voting rights while representing about 9% of the company's economic value. Richemont's A shares trade in Zurich, with a secondary listing in Johannesburg.
Rupert's father, Anton Rupert, built the family fortune in tobacco through the Rembrandt Group, the business that later gave rise to Richemont in 1988 and to Remgro, the Stellenbosch-based investment company Johann Rupert also chairs. Richemont's day-to-day management sits with Chief Executive Officer Nicolas Bos, a former head of Van Cleef & Arpels who took the top job in 2024.
Figures were converted at €1 to $1.12.
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