Buccellati, Cartier, and Van Cleef & Arpels posted strong sales in the luxury titan’s third quarter.
Richemont posted a strong third quarter, with sales in its jewelry division up double digits.
The luxury conglomerate, which owns high-end brands like Cartier and Van Cleef & Arpels, posted sales growth in all regions except Asia Pacific as COVID restrictions hampered the mainland China market.
For the third quarter ending Dec. 31, Richemont posted sales of €5.4 billion ($5.9 billion), a 5 percent year-over-year increase at actual exchange rates.
The quarter was up against a tough comparable, with last year’s Q3 sales up 32 percent.
Growth was led by retail and its online channels, said Richemont, with sales up 6 percent year-over-year in each category.
Online sales now account for 7 percent of group sales while direct-to-consumer sales make up 76 percent of total sales. Wholesale sales were up 1 percent, hurt by the impact of trading in the Asia Pacific region.
Third quarter jewelry sales were up 11 percent year-over-year to €3.7 billion ($4 billion), bolstered by strong sales at Buccellati, Cartier, and Van Cleef & Arpels.
As with overall sales, all regions posted growth except Asia Pacific.
Watch sales were down 3 percent to €952 million ($1 billion), as sales in Asia Pacific, which account for nearly half of sales in the category, declined double digits. The steep drop offset double-digit increases in Europe and Japan.
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