Fourth Quarter Dampens Strong Year for Sotheby's

Sotheby's New York headquarters.

Sotheby's said Wednesday that fourth quarter net income declined 25.7 percent, year-over-year, to $71.5 million, largely due to an 11 percent decline in auction and related revenue to $274.9 million. Auction sales fell 5 percent to $85.2 million during the period, ended Dec. 31, 2011, primarily due to a 5 percent decline in net auction sales over the period

Gitanjali Q3 Sales Up 33 Percent

Mehul Choksi
Mumbai-based Gitanjali Gems said its net sales in the third quarter rose by 33 percent and its net profit grew by 28 percent.
It is one of the largest companies—if not the largest company—in the Indian jewelry industry. It is diamond manufacturer, jewelry manufacturer, jewelry retailer, and a creator and owner of numerous brands in nearly all consumer markets of the Indian jewelry

High Flying Pandora Returns to Earth with No Growth in 2011 Revenue

A tumultuous year for Pandora came to an end after a 10-percent drop in revenue for the fourth quarter, leaving the jewelry manufacturer and designer with a 0.1 percent decrease in group revenue to 6.65 billion Danish kroner ($1.18 billion) in 2011.

This is a far cry from the spectacular results the company, known for its silver charm jewelry, reported from 2009 until the mid-year of 2011. The

Blue Nile Q4 Sales Down 2.1%

Online diamond and jewelry retailer, Blue Nile, Inc., said Wednesday that net sales for the fourth quarter decreased 2.1 percent, year-over-year, to $112.3 million due to a decline in high-end diamond sales and a rise in commodity prices.

Operating income for the quarter, ended January 1, was $6.3 million, compared to $9.2 million in the fourth quarter of 2010. Net income for the fourth

Bulgari Boosts LVMH Jewelry and Watch Sales

LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury products group, reported that jewelry and watch sales in 2011 grew by 98 percent, year-over-year, due to the acquisition of Bulagri and a 41 percent increase on a comparable structure basis.“The agreement with the Bulgari family was one of the key moments of the year,” said Bernard Arnault, LVMH chairman and CEO.Organic growth (which

Swiss Watch Exports Surpass $21 Million in 2011

Photo credit: Ulysse Nardin
Swiss watch exports grew by 19.2 percent in 2011 to 19.3 billion francs ($21.1 billion), according to the Federation of the Swiss Watch Industry. With the exception of 2010, which followed a major downturn, it is the strongest growth in the industry for the past 20 years. Each month in 2011 had double-digit growth, year-over-year, except for June, which posted a 9.2

Richemont Q3 Revenue Up 24%

The Cartier store on 5th Avenue in New York. One of Richemont's luxury brands.

Luxury goods conglomerate Cie. Financiere Richemont SA said Monday that third quarter revenue increased 24 percent year-over-year to 2.62 billion euros ($3.32 billion) with all regions and nearly all of its brands reporting double-digit increases. Revenue for the month of December alone rose 21 percent, compared

Signet Sales and Same Store Sales Up Nearly 11%

Kay Jewelers is a top performer for Signet.

Signet Jewelers Ltd., the world’s largest specialty retailer of fine jewelry, said Tuesday that third quarter sales increased 10.7 percent, year-over-year, to $710.5 million, led by a 10.6 percent increase in same store sales. Income before taxes for the period, ended October 29, was $42.1 million, up from $12 million for the third quarter of the

Richemont’s Half-Year Sales Up 29%, led by Asian Demand and Jewelry and Watch Sales

Luxury goods conglomerate, Cie. Financiere Richemont SA, said Friday that sales for the six-month period, ended September 30, increased by 29 percent to 4.2 billion euros ($4.68 billion), year-over-year. At constant exchange rates (stripping out the effects of currency exchange rates), the increase was 36 percent.The Swiss company reported solid growth across all segments, regions and channels.

Hermès Q3 Sales Up 15.8% Led by Watch and Jewelry Sales

The cream rises to the top as the best luxury goods brands continue to report robust sales in a difficult economic climate.
Hermès reports that revenue in the third quarter increased 15.8 percent, year-over-year, to 683.2 million euros. Revenue rose by 18.2 percent at constant exchange rates (stripping out the effects exchange rate changes). Sales growth for the Group's own stores was up 19.1

Jewelry and Watch Sales Sparkle for LVMH

LVMH Moët Hennessy Louis Vuitton, the world’s leading high quality products group, said revenue for the first nine months of 2011 rose 15 percent year-over-year to 16.3 billion euros ($22.3 billion). Organic revenue growth was 15 percent after the currency impact was compensated by the June 30 consolidation of Italian luxury jeweler, Bulgari, into the LVMH structure.The third quarter continued

Harry Winston Sales Up While Profits Decline

Harry Winston saw a 98% increase in retail sales.

Harry Winston Diamond Corp. saw its luxury retail sales nearly double along with a modest increase in rough diamond sales, but it wasn’t enough to lift profits for the Toronto-based company.The company said Wednesday that second quarter consolidated sales increased 44.7 percent percent to 222.4 million year-over year, resulting in a 6 percent

Richemont Reports Widespread Sales Growth Led by Jewelry Sales but Cautions on Future Profits

Cie. Financiere Richemont SA said Wednesday that sales for the five-month period ended August 31 increased 29 percent year-over-year, led by strong growth for all of its brands throughout all regions. At constant exchange rates, sales increased by 35 percent. However, the company cautions that the rising Swiss franc and uncertain economic conditions make the remainder of the year difficult to

Movado Watch Sales Increase 32% and Goes from Loss to Profit

The Movado Rockefeller Center store, the only Movado boutique left in the Movado Group's restructuring plan.

The Movado Group said Thursday that net sales of its watches in the second quarter of fiscal 2012 increased 32.6 percent, year-over-year, to $113.2 million. On a constant dollar basis, net sales increased 25.5 percent compared to the prior year period. Income from continuing

LJ International Revenue Up 26%, Profit Up 59%, Led by China Retail Business

The Enzo retail chain in China is a stellar performer for  LJ International.

Hong Kong-based jewelry manufacturer and retailer, LJ International Inc., reported Thursday that operating revenue in the second quarter increased 26 percent to $41.5 million. Gross profit increased 59 percent to $20.6 million. Operating income increased 13 percent to $3.3 million. Net income for the period ended

Tiffany Still Riding High, Reports Strong Growth in all Regions, Raises Earnings Forecast

Tiffany & Co. said Friday that worldwide net sales in the second quarter increased 30 percent year-over-year to $872.7 million due to strong growth in all geographic regions. Excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales increased 24 percent and comparable store sales rose 22 percent.

The luxury retail jeweler said net earnings

Blue Nile Q2 Sales Up 5.1%, Net Income Up 1.3%

Online diamond and jewelry retailer, Blue Nile, Inc., reported Thursday that net sales increased 5.1 percent, year-over-year, to $80.5 million, a record second quarter sales level. Net income totaled $2.8 million, up 1.3 percent.
Despite the growth in revenue, increasing diamond and precious metals prices as well as weak consumer sentiment has had a negative impact on sales, particularly in its

Pandora Q2 Sales Down in Key Markets, Downgrades Outlook, CEO Resigns, Company Blames Price Increases and Poor Execution

Has the bubble burst for Pandora? The Danish company known for its charm jewelry announced the sudden resignation of its CEO, Mikkel Vendelin Olesen, effective immediately due to lower-than-expected growth, which the company blames on commodity price increases and “inadequate” execution.

“Although our price increases combined with some destocking are significant contributors to our slowdown

Bulgari First Half 2011 Sales Up 23%

First half 2011 sales for the Bulgari Group increased 23.6 percent, year-over-year, at current exchange rates to 548 million euro ($784 million). At comparable exchange rates the increase was 23.3 percent. The luxury jewelry house reported an operating profit of 15.3 million euro ($21.8) and a net profit of 9.1 million euro ($13 million) for the period.

During the first six months of the year,

Record Sales at Swatch Group, but Strong Swiss Franc Cuts Margins

Watch and jewelry sales at the Swatch Group rose 24 percent at constant exchange rates to 2.9 billion Swiss francs ($3.6 billion) for the first half of 2011. At current exchange rates the increase was 13.3 percent for the six-month period. Total sales increased 24.2 percent at constant exchange rates to a record $3.36 billion Swiss francs ($4.17 billion). At current exchange rates the increase