Richemont Reports a 12% Hike in Revenue
July 19, 22
(IDEX Online) - Richemont reported significant increases in its US and European sales in the three months to June, but a plunge in its revenue from China.
The Swiss-based luxury company, that counts Cartier, Van Cleef & Arpels, Jaeger-leCoultre and Piaget among its 26 maisons, said total sales for the quarter were $5.27 billion, an overall growth rate of 12 per cent.
Richemont reported 20 per cent sales growth among its jewelry maisons and an 18 per cent increase at its specialist watchmakers (at actual exchange rates).
Sales in Europe increased by 42 per cent in Europe, by 25 per cent in the America and by 75 per cent in Japan. They were down 37 per cent in China.
"All channels and business areas, as well as most regions, generated sales growth versus the prior year period notwithstanding an uncertain environment and demanding comparatives following a 129 per cent sales rebound in the prior year comparable period," the company said.
"Despite the disruption experienced in China, the Jewellery Maisons generated a 12 per cent sales growth benefitting from thriving retail sales and solid jewelry and watch sales at Buccellati, Cartier and Van Cleef & Arpels."