Richemont Group sales jump 27% in 2018

The Richemont Group, which owns Cartier, IWC and Jaeger-LeCoultre, has reported a 27% increase in group sales to €13,989m (£12,261m) for the year ending 31 March 2019.

Excluding Yoox Net-A-Porter and Watchfinder, sales rose by 8% at actual and constant exchange rates, and the brand saw growth in all business areas and most regions – in addition to double digit progression in Asia Pacific and the Americas.

Operating profit grew by 5% to €1,943m (£1,703m), and, excluding the impact of online distributors and one-time net charges of €118m, the group’s operating margin increased to 19.5. Profit for the year also rose to €2,787m (£2,442m), including a post-tax non-cash gain of €1,378 (£1,207m), on the revaluation of YNAP shares held prior to tender offer.

A statement by chairman Jonathan Rupert read: “We are determined to ensure that our unique Maisons remain attractive and compelling both with the timeless and unique creations they design, craft and sell as well as the way they engage with clients through memorable service and experiences, in both the physical and digital worlds.

“We will continue to encourage an innovative and entrepreneurial mindset among our colleagues. We will foster a collaborative and inclusive working environment where talent thrives and sustainability is embedded across all our operations.”

He added: “In today’s uncertain environment, the strength of our balance sheet and the agility, creativity and skills of our 33,800 employees allow us to remain confident in our ability to achieve our long term ambitions. I am truly grateful for their passion, integrity and commitment.”