With a diamond encrusted ring here and a rare gemstone necklace there, the world’s wealthiest are continuing to adorn themselves with the finest jewelry even as broader luxury shoppers pull back.
But make no mistake, one mother-of-pearl bracelet is not to be confused with another. As the super rich grow even more selective, increasingly only the best will do.
That spells positive news for Swiss luxury group Richemont, which boasts some of the luxury jewelry market’s most sought-after brands, including Van Cleef & Arpels, Buccellati and Cartier.
“Richemont’s jewelry brands are really at the top of consumer desirability,” Luca Solca, sector head for global luxury goods at Bernstein, told CNBC’s “Squawk Box Europe.”
“There’s no debate. Despite the efforts by LVMH to challenge this leadership, I think that other brands are clearly behind.”
Richemont on Friday reported better-than-expected fiscal fourth-quarter sales, led by 11% growth within its Jewellery Maisons division. For the full year, jewelry was also the group’s strongest segment, growing 8%.
The results round off a results season in which major luxury names from LVHM to Kering and Burberry reported a slowdown in sales in the quarter to March, dashing earlier hopes of a turnaround in the embattled sector.
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