Richemont Reports 14% Increase in Sales
July 18, 23
(IDEX Online) - Richemont saw its Q1 sales climb by 14 per cent overall, driven by a 19 per cent increase at its Buccellati, Cartier and Van Cleef & Arpels jewelry maisons (excluding currency movements).
The Swiss luxury conglomerate said yesterday that total sales in the three months to 30 June were $5.97bn (EUR 5.32bn).
Total jewelry sales were $4.04bn (EUR 3.599bn). Sales of specialist watches - A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin - showed a more modest increase, up six per cent to $1.19bn (EUR1.061bn).
Asia Pacific saw a 32 per cent spike in sales, helped by the end of Covid restrictions. Americas and Japan saw a small drop (down four and six per cent respectively).
Richemont said there was double-digit increases in almost all regions, including a 40% rebound (at constant exchange rates) in Asia Pacific, the strongest regional performance.
Pic shows a Buccellati store