UK jewellery and watch sales help Richemont return to growth
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Richemont has reported a 5% increase in total sales in the third quarter (Q3) of its financial year, boosted by strong jewellery and watch sales in the UK.
The Swiss luxury goods group – owner of jewellery and watch brands such as Cartier, A. Lange & Sohne, Jaeger-LeCoultre and Vacheron Constantin – said sales had increased across Europe, Asia Pacific and the Americas for the period ending 31 December 2016.
In Europe, total sales increased 3% during the period. This was in contrast to the 17% decline in sales registered in the first six months of the year.
The company said this improvement was primarily driven by “robust local sales and tourist purchases” in the United Kingdom as well as strong jewellery sales across the region.
Richemont recorded a 10% growth in sales in the Asia Pacific region due to strong performances in China and Korea, and an 8% increase in the Americas region, supported by jewellery sales and the reopening of its Cartier Mansion in New York.
Overall, Retail sales grew by 12% – compared with the 5% decline in the first six months of the year – underpinned by solid jewellery sales, positive watch sales and the reopening of two Cartier stores in New York and Tokyo.
