Richemont sees jewellery sales surge 24%
Richemont also continued its sustainability drive by reducing its energy usage in boutiques and offices across Europe by 10%
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 โฌ9.7bn (ยฃ8.5bn) this half year up from nearly โฌ7.8bn (ยฃ6.8bn) last year. It also reported an operating profit of โฌ2.7bn (ยฃ2.4bn).
As a result the company posted profits of โฌ2.1bn (ยฃ1.8bn) from continuing operations.
However, the companyโs overall performance was hampered by a โฌ2.7bn charge (ยฃ2.3bn) 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.