Richemont Jewelry Sales +34% in H1

(IDEX Online News) – Luxury goods firm Richemont reported a 29 percent increase in sales in the six months ending September 30. Jewelry sales increased 34 percent to €2.17 billion ($2.95 billion).

Richemont reported €4.21 billion ($5.72 billion) in sales in the first half of the fiscal year, and growth across all segments, regions and channels.

Profit for the period increased by 10 percent to €709 million ($963 million).

The greatest regional growth was registered in the Asia-Pacific region, up 60 percent in constant exchange rates. The growth was primarily driven by mainland China, which is now Richemont’s third largest market after Hong Kong and the U.S.

Cartier and Van Cleef and Arpels performed exceptionally well, the company reported. The Jewellery Maisons’ boutique networks reported higher growth and further benefitted from store openings, primarily in the Asia-Pacific region. Demand for high jewelry pieces and more accessible jewelry ranges was solid. Demand for Cartier’s watch collections was also strong, reflecting the policy of extending its premium and technical watch offerings.