Richemont Q3 Sales up by Almost a Third to $6.4bn
January 20, 22
(IDEX Online) - Richemont reported sales up by almost a third in the last three months of 2021, spurred by strong demand for its jewellery and watches in the Americas and Europe.
The Swiss luxury conglomerate, whose brands include Cartier, Jaeger-LeCoultre, Piaget, and Van Cleef & Arpels, said its Q3 revenue was higher than expected, at $6.4bn. That's an increase of 32 per cent (all increases assume constant exchange rates).
It said sales growth across its jewellery maisons was up 38 per cent compared with the same period in 2020, and up 55 per cent on pre-pandemic 2019. Growth is sales at its specialist watchmaker, which includes includes IWC Schaffhausen, Piaget and Vacheron Constantin was up 25 per cent on 2020 and 55 per cent up on 2019.
Richemont said it had enjoyed double-digit sales growth across all regions, channels and business areas, with the strongest performance from the Americas and Europe, rebalancing regional sales mix.
LVMH is due to post full-year results on January 27.
Pic shows a Cartier store