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Richemont Sales Strengthen as Asia Rebounds

July 17, 2023  |  Leah Meirovich
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Revenue at Richemont’s jewelry brands rose in the first fiscal quarter as demand in Asia Pacific grew amid an economic recovery.

Sales at Cartier, Van Cleef & Arpels, and Buccellati climbed 19% year on year to EUR 3.6 billion ($4.04 billion) in the three months that ended June 30, the Swiss luxury group reported Monday. During the same period a year ago, sales in Asia Pacific plummeted after a resurgence of Covid-19 on the mainland and a government lockdown. The rebound in that region offset a muted result in the Americas, Richemont explained.

Jewelry was Richemont’s top-performing division during the quarter, with robust sales growth across all channels and regions excluding the Americas, which was “broadly flat” due to the “relative slowdown of the US market,” the company noted.

Sales at specialist watchmakers “benefited from thriving retail sales,” as appetite for luxury timepieces increased. Global revenue from the segment — which includes A. Lange & Söhne, Piaget, and Vacheron Constantin — grew 6% year on year to EUR 1.06 billion ($1.19 billion), with increases in nearly all regions, including the Americas.

Group revenue — encompassing jewelry, fashion, accessories and timepieces — gained 14% year on year to EUR 5.32 billion ($5.98 billion).

Image: A Van Cleef & Arpels jewelry display at a store in Milan, Italy. (Shutterstock)

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