Jewelry Drives Richemont's $6.1bn Revenue in Q3
January 24, 24
(IDEX Online) - Richemont saw revenue from Buccellati, Cartier, Van Cleef & Arpels and its other jewelry brands climb 12 per cent to $4.3bn (at constant exchange rates) during the last three months of 2023.
Specialist watchmakers sales rose by 3 per cent, reflecting a retail outperformance, notably at A. Lange & Sohne, IWC, Jaeger-LeCoultre and Vacheron Constantin.
The Swiss luxury conglomerate's fashion and accessories maisons were hit by a 1 per cent drop in revenue.
Japan was the biggest single growth area, with revenue up by 18 per cent, followed by a 13 per cent increase in Asia Pacific, Richemont's largest geographic market ($2.23bn). Revenue dipped by 3 per cent in Europe.
Overall growth across all sectors was 8 per cent in Q3 with total sales of $6.1bn, and 11 per cent for the nine months to the end of 2023.
All distribution channels recorded sales growth, except for the online retail channel where sales fell by 5 per cent, the company said.
Pic shows a Buccellati store