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Richemont Holiday Sales Hint at High-End Rebound
Jan 12, 2017 3:47 AM
By Rapaport News
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RAPAPORT...
Sales at Richemont’s jewelry maisons jumped 9 percent
to $1.86 billion (EUR 1.75 billion) in the third fiscal quarter as the luxury house observed resurgent
demand in the U.S. and Asia.
The jewelry maisons, which includes Cartier and Van Cleef &
Arpels, saw sales at constant exchange rates rise 8 percent during the three months to December 31, which includes the holiday season, the
Geneva-based luxury group reported.
Group revenue advanced 6 percent to $3.29 billion, driven by the improvement in jewelry and an uptick in retail sales at
its ‘specialist watchmakers.’ Sales across all categories in the Asia-Pacific region jumped 10 percent, while the Americas grew 8 percent and Europe
climbed 3 percent.
While business improved across most regions, the re-opening in
September of the Cartier Mansion in New York partly drove the stronger
performance in the Americas. A relaunch of the Cartier flagship store in Tokyo
also helped limit the fall in Japan sales to a decline of 1 percent.
Sales at Richemont’s specialist watchmakers, a separate division
that includes Baume & Mercier, Piaget and Roger Dubuis, slid 2 percent
to $864.9 million. “Positive” retail growth was offset by
weakness in the wholesale channel, albeit at a slower rate than previous
periods, the company explained.
Image: John Wisniewski
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Tags:
baume & mercier, Cartier, geneva, High-end jewelry, jewelry ‘maisons, Piaget, Rapaport News, retail, Richemont, Roger Dubuis, specialist watchmakers, Van Cleef & Arpels, watches
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