SWITZERLAND. Luxury goods group Richemont posted an all-time quarterly sales record of €6.2 billion for the period ending 31 December, a +10% year-on-year increase.
This contributed to a +3% rise (+4% at constant exchanges rates) in nine-month revenues to €16.2 billion.
The Swiss group – whose high-end brands include Cartier, Chloé, Dunhill, IWC Schaffhausen, Montblanc, Vacheron Constantin and Van Cleef & Arpels – achieved double-digit growth in Q3 in all regions except Asia Pacific, which saw sales drop -7%.
This decline was primarily due to continued sluggish demand in Mainland China, along with weaker performance in Hong Kong and Macau.
Other Asian markets experienced stronger performance in the three-month period, with positive results across the region, including double-digit growth in Korea.
Sales in Europe rose sharply by +19%, driven by strong domestic demand and tourist spending from North American and Middle Eastern tourists. All key markets in the region contributed to the quarterly growth, with notable performances in France, Switzerland and Italy.
The Americas led quarterly growth with a +22% increase, as strong local demand bolstered sales across all business areas.
Japan benefited from the strength of tourism and domestic demand, notably from China, with sales increasing +19% in Q3.
The Middle East & Africa region recorded a +20% increase in sales, fuelled by strong demand in the UAE and higher tourist spend.
Across all business segments, the group achieved positive results. Retail sales jumped +11%, thanks to the strong performance in nearly all regions, particularly within the Jewellery Maisons, further boosting its share to 71% of group sales.
Wholesale sales rose +4%, driven by robust results at the Jewellery Maisons and Other business areas, which helped offset the decline at the Specialist Watchmakers. Online retail sales increased +17%, led by Jewellery Maisons and Other businesses.
Sales at Richemont’s four Jewellery Maisons – Buccellati, Cartier, Van Cleef & Arpels, and Vhernier – climbed +14%. The surge was led by the performance of its signature Jewellery and Watch lines, with novelties achieving notable success, especially over the festive season.
Across all channels and almost all regions, the group delivered strong results, with the Americas and Europe emerging as the top contributors.
The group reported higher sales for Specialist Watchmakers across all regions except Asia Pacific, with strong double-digit growth in the Americas and Middle East & Africa, narrowing the -16% decline in the first half of the year to -8% in Q3.
Sales in the group’s Other Business segment, which includes Fashion & Accessories Maisons, rose +11% year-on-year.
Pre-loved concept Watchfinder & Co. posted double-digit growth, while the Fashion & Accessories Maisons recorded a +7% increase in sales, driven by continued progress at Alaïa and Peter Millar, along with the added contribution from Gianvito Rossi, consolidated since 1 February 2024. ✈
