Richemont Jewelry Sales Rise, Despite Covid in China
January 22, 23
(IDEX Online) - Richemont saw jewelry sales rise by 11 per cent in the last three months of 2022, despite a Covid-related slump in China.
Buccellati, Cartier and Van Cleef & Arpels drove much of the increase, the company said in an update. Jewelry was its best performing sector.
Total revenue across all jewelry brands for the quarter was $4.03bn. Watch sales fell three per cent to $1.04bn in the same period, and fashion and accessories rose 10 per cent to $793m.
The Swiss luxury goods conglomerate said it had seen growth across all regions and all distribution channels except Asia Pacific.
"The massive increase of Covid cases negatively impacted customer traffic," it said, "and, due to staff unavailability, led to a reduction of boutique opening hours or temporary closures of points of sale in mainland China, leading to a sales drop of 24 per cent during the period under review."