Richemont’s jewellery maisons boost Q3 sales

Richemont has reported a 10% increase in its Q3 sales to €6.2bn (£5.2bn), driven by its jewellery sales which saw a 14% rise to €4.5bn (£3.80bn), adding to 71% of group sales.

The group’s four jewellery maisons, Buccellati, Cartier, Van Cleef and Arpels and Vhernier’s sales growth was fuelled by the performance of “iconic” jewellery and watch lines supported by novelties which met a strong success, particularly during the festive season.

However, specialist watchmakers sales saw a decline of 8% to €867m (£732.4m).

Sales progressed across almost all regions, with the strongest contribution to growth coming from the Americas, which recorded a 22% rise in sales to €1.67bn (£1.41bn), and Europe which saw a 19% surge in sales to €1.45bn (£1.22bn).

Middle East and Africa’s sales also increased by 21% to €542m (£457.9m), while Japan’s sales increased 15% to €592m (£500.1m).

Asia Pacific was the only region whose sales contracted by 7% to €1.91bn (£1.61bn), largely the result of an 18% decline in Mainland China, Hong Kong and Macau combined, primarily impacted by continued weak demand in Mainland China.

All distribution channels also recorded a rise in sales. Retail sales increased by 11% to €4.38bn (£3.70bn), with growth in almost all regions.

Wholesale sales were up 4% to €1.39bn (£1.17bn), while online retail sales were also up 17% to €419m (£353.9m).

All distribution channel sales were boosted by the solid performance at the jewellery maisons and other business areas.