Richemont sees jewellery sales surge 24%

Richemont has reported strong sales and profits from its jewellery business as sales increased 24% in the year ended 30 September 2022.

The company, which owns brands such as Cartier and IWC Schaffhausen, made nearly €9.7bn (£8.5bn) this half year up from nearly €7.8bn (£6.8bn) last year. It also reported an operating profit of €2.7bn (£2.4bn).

As a result the company posted profits of €2.1bn (£1.8bn) from continuing operations.

However, the company’s overall performance was hampered by a €2.7bn charge (£2.3bn) from discontinued operations as a result of its agreement with Farfetch and Alabbar to sell a controlling interest in Yoox Net-a-Porter.

Richemont also continued its sustainability drive by reducing its energy usage in boutiques and offices across Europe by 10%. The company believes it is on track to source 100% renewable energy by the end of 2025.

Chairman Johann Rupert said: Compared to the prior-year period, double-digit sales increases were recorded, at actual exchange rates, across all business areas, channels and regions excluding Asia Pacific where sales grew by 3%. Growth was led by the retail channel which, together with the online channel, contributed 73% of group sales.

With a 24% sales growth overall and higher sales in all regions and distribution channels, our Jewellery Maisons, Buccellati, Cartier and Van Cleef & Arpels, reaffirmed their leading position. To further support their strong development, manufacturing sites are being expanded, operational teams reinforced, and communication initiatives intensified.