13-11-2017
Richemont recorded a double-digit growth in jewellery and watches over the first fiscal quarter of 2017 thanks to the strong performance in Asia, announced the Geneva-based luxury retail giant on 10 November.
During the period Richemont’s ‘jewellery maisons’ segment including Cartier and Van Cleef & Arpels (VCA) achieved a 15-percent year-on-year growth from 2.76 billion euros in 2016 to 3.16 billion euros in 2017. Profit from the segment surged 30 percent to 981 million euros.
For the ‘specialist watchmakers’ segment, a total sales of 1.53 billion euros was achieved during the first six months ended 30 September 2017, a six percent year-on-year growth from 1.45 billion euros in 2016. The performance of Piaget, Roger Dubuis and Officine Panerai were particularly noteworthy, said the company.
Market-wise, sales in the Asia Pacific region accounted for 39 percent of group sales, and jewellery and watch sales were particularly strong year-on-year. Sales in the Americas region grew by 10 percent on the strength of jewellery. The company said the reopening of Cartier flagship store in New York in September 2016 and the opening of the VCA Design District store in Miami in March 2017 had a positive impact. In Japan, sales growth was led by jewellery and watches with special support by the activities in Ginza, including the reopening of the Cartier flagship store in September 2016, the opening of the new Piaget store in November 2016 and the VCA flagship store in April 2017.
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