Swiss luxury goods conglomerate Richemont reported sales up by 10 percent for its third quarter (Q3) ended 31 December 2024. This is the highest quarterly sales at EUR 6.2 billion (around $6.33 billion).
Sales for its four jewellery brands, namely Cartier, Van Cleef & Arpels, Buccellati, and Vhernier, saw their growth accelerate this quarter to 14 percent at EUR 4.5 billion (around $4.63 billion) against a demanding 12 percent comparative in the prior-year period. According to the group, this was fuelled by the performance of iconic jewellery and watch lines supported by novelties which met a strong success, particularly during the festive season. Sales progressed across all channels and almost all regions, with the strongest contribution to growth coming from the Americas and Europe.
Sales from specialist watchmakers, which include IWC Schaffhausen, Piaget and Vacheron Constantin, grew across all regions except Asia Pacific, with notable double-digit increases in the Americas, Middle East, and Africa, thereby moderating from a 16-percent rate of decline seen in the first half of the year to 8-percent decline in Q3 to EUR 867 million (around $892.6 million), said Richemont.
All regions showed double-digit growth except Asia Pacific. Asia Pacific sales contracted by 7 percent, largely the result of an 18-percent decline in Mainland China, Hong Kong and Macau combined, primarily impacted by continued weak demand in Mainland China. Other Asian markets saw their performance improve in the quarter, with positive results in most countries including double-digit growth in Korea. In Europe, sales increased by 19 percent, fuelled by higher domestic demand and tourist spend, notably from North American and Middle Eastern residents. All main countries in the region recorded a rise in sales in the period, with notable performances in France, Switzerland and Italy. Sales growth stood at 22 percent in the Americas, with increases across all business areas on the back of strong local demand. In Japan, spend from both tourist and locals continued to drive sales, which increased by 19 percent overall year on year. Sales in the Middle East and Africa region rose by 20 percent, let by the UAE and higher tourist spend.
17-01-2025
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