14% Surge in Jewelry Sales at Richemont
January 20, 25
(IDEX Online) - Richemont, the Swiss luxury goods conglomerate, saw jewelry sales from its Cartier, Van Cleef & Arpels,Vhernier and Buccellati jewelry maisons surge by 14 per cent in the last three months, in what it said was a "very solid end to the calendar year".
Its eight watch brands, including A. Lange & Sohne, Baume & Mercier, IWC Schaffhausen and Jaeger-LeCoultre, staged a recovery, from a 17 per cent drop during the previous quarter (Q2) to a Q3 fall of 8 per cent.
Overall the group said it enjoyed its highest ever quarterly sales - €6.2bn ($6.8bn) - a year-on-year rise of 10 per cent. Jewelry and watches account for almost 90 per cent of the group's revenue.
Other sectors - fashion, accessories, pens and other luxury items - saw sales increase by 11 per cent.
Richemont performed well overall, despite a 7 per cent drop in sales in Asia Pacific, its single biggest market. All other regions - Europe, Americas, Japan and Middle East/Africa - saw sales up by between 19 per cent and 22 per cent.
Sales for the last nine months of 2024 were €16.2bn ($17.3bn), an increase year-on-year on 4 per cent at constant exchange rates.
Jewelry maisons saw their growth "accelerate this quarter to +14 per cent against a demanding +12 per cent comparative in the prior-year period," said the company.
"This was fuelled by the performance of iconic jewellery and watch lines supported by novelties which met a strong success, particularly during the festive season.
"Sales progressed across all channels and almost all regions, with the strongest contribution to growth coming from the Americas and Europe."