Strong Jewelry Segment Boosts Richemont Sales in First Quarter

Revenue at Richemont’s jewelry division improved in the first fiscal quarter, as the group recorded growth in all regions.

Sales at Cartier, Van Cleef & Arpels, Buccellati, and Vhernier rose 21% year on year to EUR 4.73 billion ($5.4 billion) – up 24% at constant exchange rates – for the three months that ended June 30, the Swiss luxury group reported Wednesday. This marks the seventh successive quarter of double-digit growth, it added.

Overall, the company saw a robust performance, with the US gaining 25% and Japan rising 20%. Local demand drove growth across all regions, as the Americas, Asia Pacific, Japan and Europe showed double-digit increases at both constant and actual exchange rates. The Middle East and Africa also returned to growth.

Sales at specialist watchmakers – which include A. Lange & Söhne, Piaget, and Vacheron Constantin – improved 6% to EUR 873 million ($997.4 million). The division advanced across most maisons and regions, with the Americas and Japan showing the most strength. Performance was mostly stable in Asia Pacific, but sales declined in China, Hong Kong and Macau. Growth in the rest of the region almost fully offset the downturn.

Group revenue, encompassing jewelry, fashion, accessories and timepieces, gained 17% to EUR 6.33 billion ($7.23 billion).

Image: A Cartier store in Beijing, China. (Shutterstock)