Richemont’s Jewelry Sales Strong in H1

Richemont's jewelry sales increased 32% in H1

(IDEX Online News) - Sales by Swiss luxury goods group Richemont increased by 37 percent to €3.26 billion ($4.46 billion) in the first six months of 2010. The strong results follow a tough year of declining sales for the company. Jewelry sales increased 32 percent.

Excluding the impact of NET-A-PORTER.COM, the online retailer the company recently purchased, sales increased by 22 percent at constant exchange rates, proving that the acquisition is an important addition to the company’s bottom line.

Profits in the period increased 87 percent to €644 million ($880.6 million) and operating profit increased by 95 percent to €760 million ($1 billion).

The Jewellery Maisons’ sales increased by 32 percent overall to €1.62 billion ($2.22 billion), with stronger growth in their own boutique networks. High-end jewelry sales were good and the more accessible jewelry ranges performed well, the company said.

Van Cleef & Arpels saw double-digit sales growth during the period. Due to the its relatively high exposure to Europe and the U.S., the comparative sales growth was lower than the business area as a whole.

Watch sales, from Calibre de Cartier editions in precious metals to classic models in steel, were very strong, increasing 38 percent to €901 million ($1.23 billion).