Richemont’s jewelry sales increased 9% year on year in the third fiscal quarter as strong growth across most of its global network offset weakness in the European market.
Jewelry proceeds from Cartier, Van Cleef & Arpels and Buccellati rose to EUR 2.37 billion ($2.87 billion) in the three months ending December 31, Richemont said Wednesday [January 20]. The company saw strong consumer demand for luxury jewelry, which offset the negative impact of temporary store closures. At constant exchange rates, jewelry sales were up 14%.
“Sales progression at the jewelry maisons was supported by good jewelry and watch sales at Cartier and Van Cleef & Arpels,” the company noted. “Sales grew in all regions except Europe, and across all channels.”
Sales at its watchmaker brands, including Piaget and Vacheron Constantin, fell 7% year on year to EUR 758 million ($918.8 million).
Group sales for the third quarter rose 1% to EUR 4.19 billion ($5.07 billion). Sales in Asia Pacific rose 21% amid double-digit growth in mainland China and Taiwan, with sales in the Middle East and Africa growing 20%. The strong performance in those markets outweighed a “marked contraction” of 22% in Europe, as governments implemented renewed public-health protection measures and travel restrictions to stem the resurgence of Covid-19. Sales in the Americas dropped 4%.
Jewelry sales for the nine-month period from April to December fell 8% to EUR 5.43 billion ($6.78 billion), while group sales slumped 16% to EUR 9.66 billion ($11.71 billion).
