21% Surge in Richemont Jewelry Sales
July 20, 26
(IDEX Online) - Richemont's jewelry sales surged by 21% (at actual exchange rates, 24% at constant) in the three months to 30 June, as demand for high-end items remained strong.
The Swiss luxury conglomerate said its four jewelry maisons - Buccellati, Cartier, Van Cleef & Arpels and Vhernier had seen "excellent growth", and had enjoyed a seventh consecutive quarter of double-digit growth. Revenue from jewelry for the quarter was EUR 4.7 billion (USD 5.4 billion).
Sales of watches - from maisons including Vacheron Constantin, Jaeger-LeCoultre and A. Lange & Sohne - saw notably slower growth, up by 6% (8% at constant exchange rates). Revenue from watches for the quarter was EUR 873 million (USD 997 million).
Overall the company reported group sales up 17% (20% at constant exchange rates) to EUR 6.3 billion (USD 7.2 billion). Organic growth was almost twice the level of a forecast of 11%.
Japan saw the biggest growth at constant exchange rates (+36%) but this translates to a more modest 20% growth because of the weak yen. The biggest growth at actual exchange rates was the Americas at 25%.
Pic courtesy Vhernier.