Revenue at Richemont’s jewelry brands grew in the third fiscal quarter amid a resurgence of demand in all regions, primarily the Americas and Europe.
Sales at Cartier, Van Cleef & Arpels, Buccellati, and Vhernier climbed 14% year on year to EUR 4.5 billion ($4.63 billion) for the three months that ended December 31, the Swiss luxury group reported Thursday. The increase comes despite a strong comparison with the same period a year ago as all regions recorded solid sales. The growth led Richemont to its highest-ever quarterly sales, the company noted. Jewelry was Richemont’s top-performing division during the period.
“Retail sales increased…with growth in almost all regions, led by the jewelry maisons,” the company said. “Wholesale sales were…above the prior-year period, sustained by solid performance at the ‘jewelry maisons and other’ business area. Online retail sales were up 17%, also led by jewelry maisons.”
Iconic jewelry and watch lines performed well, supported by novelties, which were successful particularly during the holiday season, Richemont explained.
The strong performance in the jewelry division offset weaker sales in the timepiece category. Sales at specialist watchmakers — which includes IWC Schaffhausen, Piaget and Vacheron Constantin — fell 8% year on year to EUR 867 million ($892.6 million). However, that figure was up from the 17% decrease Richemont noted in the category during the first half of the year, with “notable” double-digit increases in the Americas, the Middle East and Africa. Sales in the division improved in all regions except Asia Pacific, the retailer said.
Group revenue — encompassing jewelry, fashion, accessories and timepieces — rose 10% year on year to EUR 6.15 billion ($6.33 billion).
In the nine months from April to December, jewelry sales jumped 6% to EUR 11.59 billion ($11.94 billion), and sales at specialist watchmakers slipped 14% to EUR 2.52 billion ($2.6 billion). Group sales for the period were up 3% to EUR 16.23 billion ($16.71 billion).
Photo : A Van Cleef & Arpels store in Paris. (Shutterstock)
Source : Rapaport
