Richemont celebrates strong opening quarter

Richemont celebrates strong opening quarter - Artificial Jewellery

Swiss luxury goods group Richemont has reported stellar global sales for the first fiscal quarter despite ongoing struggle in China.

The group’s major jewellery maisons — Cartier, Van Cleef & Arpels, and Buccellati — climbed 20 per cent year-on-year to €3.02 billion ($AU4.48 billion) for the three months ending June 30.

Revenue from watch brands such as Piaget, Vacheron Constantin and A. Lange & Söhne increased 18 per cent to €1 billion ($AU1.48 billion).

Total revenue for Richemont for the quarter reached €5.26 billion ($AU7.80 billion) – a 20 percent improvement compared with the first fiscal quarter of last year.

The regional data was positive in the US market, improving by 41 per cent compared with last year. The US market accounted for 22 per cent of total sales. Europe improved by 41 per cent.

The Asia Pacific market performed negatively with an 8 per cent decrease in sales, attributed to the COVID pandemic.

The pandemic continues to hurt sales in China too, with Richemont reporting a 37 per cent drop in sales for the quarter.

Based in Switzerland, Richemont owns luxury brands such as A. Lange & Söhne, Buccellati, Cartier, Vacheron Constantin, and Van Cleef & Arpels. Retail accounts for 58 per cent of Richemont’s sales.

More reading

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