Jewellery Brand Ownership: Who Owns the World's Biggest Jewellers?

Cartier and Tiffany & Co. are the two most recognised jewellery brands in the world. They are also fierce rivals owned by competing conglomerates. Cartier belongs to Richemont in Switzerland. Tiffany belongs to LVMH in France. The battle between these two groups defines the global jewellery market.

Meanwhile, Pandora, a Danish company most people do not think of as a luxury brand, is the world's largest jewellery brand by volume. Pandora sold DKK 32.5 billion (€4.4 billion) of jewellery in 2025 through 7,000 points of sale in over 100 countries. We mapped the ownership of every major jewellery brand to show you where the money goes when you buy a ring, necklace, or bracelet.

Richemont: The Jewellery Powerhouse

Richemont (SIX: CFR) is the world's largest luxury jewellery group by revenue. Founded in 1988 by Johann Rupert, Richemont reported sales of €22.4 billion for the fiscal year ended 31 March 2026, up 5% at actual exchange rates and 11% at constant rates.

The Jewellery Maisons division is the engine of Richemont's business. It generated €16.5 billion in FY2026, accounting for 74% of group sales. That is up 8% at actual rates and 14% at constant rates. The operating profit from jewellery reached €5 billion, with an operating margin of 30.5%.

Richemont's jewellery portfolio:

Cartier is the crown jewel. The brand's jewellery and watch divisions together make it one of the largest luxury brands in the world by revenue. Richemont does not break out individual brand figures, but the Morgan Stanley Swiss Watcher report estimates Cartier's watch revenue alone places it among the top five Swiss watch brands. For more on Cartier's watch business, read our watch brand ownership guide.

All four Jewellery Maisons experienced strong growth in FY2026, fuelled by higher demand across all geographies. Richemont implemented measured price increases during the year to offset higher gold prices and unfavourable currency movements. The group also selectively expanded its retail footprint, continuing a strategy of direct-to-client sales that now represents 76% of group revenue.

LVMH: The Tiffany Acquisition and Beyond

LVMH (EPA: MC) is the world's largest luxury goods group overall, but in jewellery it plays second fiddle to Richemont. LVMH's Watches and Jewelry division includes Tiffany & Co., Bulgari, Chaumet, Fred, and Repossi.

The Tiffany acquisition is the defining deal in LVMH's jewellery history. LVMH acquired Tiffany & Co. in January 2021 for $15.8 billion, the largest luxury deal ever completed. The acquisition was contentious, with LVMH briefly walking away from the deal in September 2020 before renegotiating a lower price. The final price was $131.50 per share, down from the original $135 per share.

According to LVMH's 2025 Universal Registration Document, Tiffany & Co. showed solid performance in 2025. The brand's Knot in particular experienced strong demand. The Landmark flagship store on Fifth Avenue in New York achieved steady growth for the third consecutive year. Tiffany's first European flagship store opened on Via Monte Napoleone in Milan and received the Prix Versailles architecture award.

Bulgari had a strong 2025. The Polychroma high jewellery collection, unveiled in Italy, China, Japan, the US, and the Middle East, generated record sales of multi-million-dollar pieces. Bulgari inaugurated its expanded Valenza site, which became the world's largest and most sustainable jewellery manufacturing facility, powered entirely by renewable energy.

Chaumet, founded in 1780, is LVMH's heritage jewellery brand. It will unveil a new nature-inspired high jewellery collection in 2026. Fred will celebrate its 90th anniversary in 2026 by launching the Monsieur Fred Golden Light high jewellery collection.

Pandora: The Volume Leader

Pandora is the world's largest jewellery brand by volume, specialising in accessible luxury jewellery made from high-quality materials. Headquartered in Copenhagen, Denmark, Pandora is listed on Nasdaq Copenhagen.

Pandora's 2025 revenue was DKK 32.5 billion (€4.4 billion), up 6% organic growth from 2024. Like-for-like growth was 2%, with network expansion contributing 4%. The EBIT margin was 23.9%, and the company generated strong free cash flow.

Pandora operates 7,000 points of sale in over 100 countries, including more than 2,800 concept stores. The company employs approximately 39,000 people and crafts its jewellery with 100% recycled silver and gold.

Pandora's guidance for 2026 is for "-1% to +2% organic growth" and an EBIT margin of "21-22%." The company is developing a new metal surface treatment called PANDORA EVERSHINE, designed to outperform existing materials. Pandora sees clear opportunities to sharpen its position as "the most desirable, accessible jewellery brand" despite a challenging macro backdrop.

Kering: A Smaller Jewellery Player

Kering (EPA: KER) is the third major luxury conglomerate, but its jewellery portfolio is smaller than Richemont's or LVMH's. Kering's jewellery brands include Boucheron (acquired in 2000), Pomellato (acquired in 2013), and DoDo.

Boucheron, founded in 1893, is Kering's heritage jewellery brand. Pomellato, founded in 1967, is known for its colourful, ready-to-wear jewellery. DoDo is a more accessible Italian jewellery brand targeting younger consumers.

Kering's jewellery strategy differs from Richemont's and LVMH's. Rather than competing head-on in fine jewellery, Kering positions its brands in the "accessible luxury" and "fashion jewellery" segments. For more on how Kering's approach compares to LVMH's, read our analysis of LVMH vs Kering: two approaches to luxury.

The Independents: Who Stands Alone?

Several major jewellery brands remain independent of the big conglomerates:

• Chopard - Private, owned by the Scheufele family since 1963
• Graff - Private, founded by Laurence Graff in 1960
• David Yurman - Private, founded by David and Sybil Yurman in 1980
• Mikimoto - Private Japanese pearl jewellery company, founded 1893
• Harry Winston - Owned by Swatch Group since 2013

Harry Winston is the notable exception. While most ultra-luxury jewellery brands remain independent, Harry Winston was acquired by Swatch Group for approximately $1 billion in 2013. Swatch Group positions Harry Winston as its ultra-luxury jewelry and watch brand, sitting above Breguet in the portfolio.

What Jewellery Brand Ownership Means for Consumers

The Richemont vs LVMH rivalry. When you choose between Cartier and Tiffany, you are choosing between two conglomerates with fundamentally different approaches. Richemont is a pure luxury group focused on jewellery and watches. LVMH is a diversified luxury group with fashion, spirits, cosmetics, and travel retail. Both approaches can produce excellent jewellery, but the corporate priorities differ.

Pandora's accessible luxury model. Pandora's volume leadership shows that the jewellery market is not just about high jewellery. Pandora sells millions of charms, rings, and bracelets at price points that make jewellery accessible to middle-class consumers. The company's use of recycled silver and gold and its lab-created diamond collection (Pandora Brilliance) position it for environmentally conscious buyers.

Price transparency. Jewellery has historically been opaque on pricing. Conglomerate ownership brings more structure. Cartier and Van Cleef & Arpels have standardised pricing across their global store networks. Tiffany & Co. publishes its price lists. This transparency is a side effect of corporate ownership that benefits consumers.

The cross-industry connection. LVMH owns both Tiffany & Co. and Rimowa luggage, connecting jewellery to our luggage brand ownership guide. EssilorLuxottica holds the eyewear license for Tiffany & Co., connecting jewellery to our sunglasses brand ownership analysis. These connections show how luxury conglomerates create synergies across categories.

FAQ

Who owns Cartier? Cartier is owned by Richemont (SIX: CFR), the Swiss luxury goods group. Richemont acquired Cartier in 1988 as part of its founding portfolio.

Who owns Tiffany & Co.? Tiffany & Co. is owned by LVMH (EPA: MC). LVMH acquired Tiffany in January 2021 for $15.8 billion, the largest luxury acquisition in history.

Is Pandora a luxury brand? Pandora positions itself as "accessible luxury." It is the world's largest jewellery brand by volume, with 2025 revenue of DKK 32.5 billion (€4.4 billion). Pandora is listed on Nasdaq Copenhagen and is not owned by a larger conglomerate.

Who owns Bulgari? Bulgari is owned by LVMH. The acquisition was completed in October 2011 for approximately €4.3 billion.

Conclusion

The global jewellery market is a battle between two conglomerates (Richemont and LVMH), a volume leader (Pandora), a smaller luxury player (Kering), and a handful of independent family-owned brands. Richemont's Jewellery Maisons generated €16.5 billion in FY2026. LVMH's Tiffany acquisition for $15.8 billion was the largest luxury deal ever. Pandora sells more jewellery by volume than any other brand.

For more on how these conglomerates manage their portfolios, read our watch brand ownership guide, our overview of 25 luxury brands and their conglomerate owners, and the story of how LVMH was built through acquisitions.

Browse all fashion and apparel brands

Explore Related Brands

• Cartier - Fine jewellery and watch Maison, owned by Richemont, the largest luxury jewellery group
• Tiffany & Co. - American luxury jeweller, owned by LVMH since 2021, $15.8B acquisition
• Bulgari - Italian luxury jeweller and watchmaker, owned by LVMH, known for Serpenti and B.zero1
• Chaumet - French heritage jeweller founded 1780, owned by LVMH, jeweller to Napoleon
• Fred - French jeweller, owned by LVMH, celebrating 90th anniversary in 2026

Also read: 8 Luxury Watch Brands All Owned by Richemont for the watch side of Richemont's portfolio.

Sources

1. Richemont. "Richemont delivers strong sales growth and solid results for the year ended 31 March 2026." May 2026. https://www.richemont.com/news-media/press-releases-news/richemont-delivers-strong-sales-growth-and-solid-results-for-the-year-ended-31-march-2026/ 2. Richemont. "FY26 Annual Report and Accounts." https://www.richemont.com/ 3. LVMH. "Universal Registration Document 2025." https://urd.lvmh.com/en/2025 4. Pandora. "Pandora delivers 6% organic growth in 2025." https://www.pandoragroup.com/news/27811 5. Hodinkee. "Rolex And Cartier Are In Another League: Morgan Stanley Swiss Watcher Report." 2026. https://www.hodinkee.com/articles/with-rolex-and-cartier-in-another-league-a-deep-dive-on-whos-making-gains-and-whos-feeling-pain-in-t

All brand ownership data verified through WhoBrands.com's proprietary research methodology. Last updated: April 2026.