Luxury goods holding company Richemont has announced that its FY21 jewellery maisons sales grew 3% year-on-year to £6.42m.
Operating profit at the Swiss firm’s jewellery maisons also spiked 11% for the year ended 31 March 2021, increasing its operating margin to 31%.
The owner of Cartier, Van Cleef and Arpels, and Buccellati claimed that solid retail sales and a “triple-digit acceleration in online sales” drove its jewellery arm’s growth.
In turn, the group’s overall sales for the period recovered to fall 8% year-on-year to £11.3m, while operating profit declined 3%.
Johann Rupert, chairman at Richemont, said that “following a sharp decline” in H1, the group’s sales recovery was “led by the jewellery maisons, online retail, and Asia Pacific”.
Matching the pattern of a “sharp decrease in demand in the first half of the financial year contrasted with a strong acceleration in the second half of the year”, Richemont’s jewellery brands were able to achieve a 54% sales rebound for Q4 FY21.
Rupert added: “The jewellery maisons posted higher sales, exceeding pre-Covid levels, and a solid 31% operating margin underlined the enduring appeal of Cartier, Van Cleef and Arpels and Buccellati.
“We are pleased with the leadership positions of Cartier and Van Cleef and Arpels as well as with the international expansion of Buccellati which is progressing well.”