Record Sales for Richemont’s Jewelry Brands
May 19, 11Cartier and Van Cleef & Arpels’ strong sales growth was broad-based in terms of geography and product lines, the company reported. The performance was particularly strong in the brands own boutiques. As a result, the Jewellery Maisons posted record sales and profitability. Their operating margin increased by 290 basis points to 30.5%.
Sales for the entire group increased 33% to €6.89 billion in the fiscal year ending March 31. Net profit for the year soared 79% to €1.08 billion.
Sales at Richemont’s online operation and recent acquisition, net-a-porter.com, totaled €274 million. The business performed above plan, the group said.
Geographically, sales grew most in Asia-Pacific region, up 36% in constant exchange rates to €2.57 billion, nearly closing the gap with European sales - €2.59 billion.
In its outlook, Richemont states that sales in April were 32% above last year, expressing hope that in light of global economic and political unrest the positive trend will continue in the coming months.