Richemont Quarterly Sales Underline Return of Tourism
January 24, 05
Luxury goods maker Richemont, owner of top brands Cartier and IWC, credited the return of tourism for the 9 percent increase in sales in the past quarter. Combined sales of Cartier and Van Cleef & Arpels, Richemont’s jewelry powerhouses, increased by 7 percent at actual rates and 12 percent at constant rates
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The 9 percent increase is in actual exchange rates during the quarter ending December 31. In constant rates the growth in sales was 13 percent. Sales rose 14 percent to 1.74 billion euros ($2.25 billion) in the six months through September.
The growth in jewelry sales were helped by what the company called “exceptional sales” of high-end jewelry pieces during the quarter.The strongest growth was seen in the Asia-Pacific region, with double-digit increases also seen in Europe and the
The items that did especially well among jewelry were Cartier’s new products launched worldwide during the current year, including the Panthere and Trinity jewelry collections and the Santos line of men’s jewelry.
Group watch sales grew by 10 percent and 14 percent at actual rates and constant rates, respectively.
The Group’s watchmakers - Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai and A. Lange & Sohne – continued to enjoy good sales. Particularly strong results were reported by Jaeger-LeCoultre and IWC.
Richemont also announced the departure of Isabelle Guichot, Chief Executive Officer of Van Cleef & Arpels and of Lancel, at the end of this month. Guichot has resigned to diversify her experience in the luxury goods industry; the company said in a statement. Philippe Berlan, Managing Director of Lancel, will take over full management responsibility.