North America’s jewellery and watch market has been reshaped by a surprising newcomer: Swiss luxury conglomerate Richemont, now the continent’s second‑largest retailer by sales. The latest State of the Majors report from National Jeweler shows that the Rupert‑controlled group eclipsed Walmart in 2025, signalling a shift toward ultra‑luxury as affluent shoppers tighten their belts around high‑end timepieces and precious‑metal pieces.
Richemont achieved $3.62 billion in regional sales from a modest network of 105 boutiques, most of which showcase iconic marques such as Cartier, Van Cleef & Arpels, IWC Schaffhausen and Vacheron Constantin. By contrast, market leader Signet Jewelers still topped the list with $6.36 billion but spread across 2,329 stores. The per‑store revenue disparity lays bare the economics of luxury retail: while Signet averages roughly $2.7 million per outlet, Richemont’s boutiques generate an estimated $34.5 million each – more than ten times the average.
| Retailer | Regional Sales (US$) | Number of Stores | Average Sales per Store (US$) |
|---|---|---|---|
| Richemont | 3.62 billion | 105 | 34.5 million |
| Signet Jewelers | 6.36 billion | 2,329 | 2.7 million |
| Walmart | – | – | – |
| Costco | – | – | – |
The table highlights that Richemont’s boutique model delivers far higher revenue per square metre, underscoring the purchasing power of a niche, ultra‑wealthy clientele.
Richemont’s ascent is not an isolated phenomenon. Its Jewellery Maisons division – home to Cartier and Van Cleef & Arpels – recorded an 8 % increase, reaching €15.3 billion ($17.3 billion) for the financial year ending March 2025. The Americas region led the charge, with sales climbing 16 % year‑on‑year. This robust performance stands out against a backdrop of tepid demand in China and slower discretionary spend globally.
Analysts are now describing the luxury sector as “K‑shaped”. Wealthy consumers continue to splurge on premium goods, while middle‑income households scale back on non‑essentials. This divergence is rewriting the North American jewellery landscape. Traditional mass‑market players like Walmart have slipped from second to fourth place in the latest rankings, and Macy’s, still trimming its retail footprint, fell further behind. Meanwhile, Costco has risen, appealing to shoppers hunting more affordable luxury alternatives in gold and diamond pieces.
Another notable shift is the fate of high‑end watch retailers. Swiss watch powerhouse LVMH slipped from fifth to sixth place, and Bucherer vanished from the top‑10 after its takeover by Rolex created operational turbulence. These movements reinforce the notion that brand prestige and the ability to cater to ultra‑rich buyers are now the primary differentiators in a market where overall consumer confidence wavers.
Why wealthy shoppers are driving the market
Richemont’s rally coincides with a broader trend: affluent consumers treat high‑end jewellery and watches as “investment purchases” amid economic uncertainty. Gold prices have remained elevated worldwide, and premium timepieces are often viewed as stores of value—an attractive proposition for those looking to hedge against inflation and geopolitical risk. The allure of owning a piece that appreciates over time fuels demand for pieces from Cartier, Van Cleef & Arpels and their sister brands.
The company is also navigating a pivotal strategic crossroads. It is overhauling its digital footprint, reshaping online platforms such as Net‑a‑Porter and Mr Porter, while monitoring a modest dip in Swiss watch demand across parts of Asia. Yet, North America continues to deliver one of the strongest growth stories for Richemont, reinforcing the continent’s importance in the group’s global expansion plans.
A global power play for Johann Rupert
For South African billionaire Johann Rupert, the rankings cement his expanding influence over one of the world’s most lucrative consumer sectors. Since founding Richemont in 1988, Rupert has built a portfolio that rivals European giants like LVMH and Kering. The group posted €21.4 billion ($24.2 billion) in total revenue in its latest financial year, with jewellery now a cornerstone of its growth engine.
The luxury market’s current “K‑shaped” trajectory suggests that affluent buyers will continue to seek status symbols that also serve as financial assets. This dynamic is reshaping retail strategies, pushing firms to concentrate on high‑margin boutique experiences and curated digital offerings that appeal to a discerning clientele.
In an era marked by inflation, geopolitical tension and shifting consumer confidence, the data make it clear: the world’s richest shoppers are still spending, and many are doing so with Johann Rupert’s luxury empire. The implications reverberate across South Africa’s own retail landscape, where local jewellers must decide whether to emulate the boutique model, double‑down on digital luxury, or find niche opportunities within a market that increasingly favours the ultra‑affluent.