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China Drives Richemont Growth
Jan 13, 2019 6:05 AM
By Rapaport News
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RAPAPORT... Richemont’s jewelry sales increased 9% in the third fiscal quarter,
as strong growth in the Asia Pacific region offset weakness in Europe and the Middle East.
Jewelry proceeds from Cartier and Van Cleef & Arpels
rose to EUR 1.99 billion ($2.28 billion) in the three months ending December
31, Richemont reported Friday. Sales at its watchmaker brands, including Piaget
and Vacheron Constantin, grew 1% year on year to EUR 790 million ($906.1
million). At constant exchange rates, jewelry sales were up 8%.
Asia-Pacific sales rose amid double-digit growth in mainland
China and a high-single-digit increase in Japan. A strong performance in those markets
outweighed a slowdown in Hong Kong, as the strength of the local dollar versus
the Chinese yuan resulted in lower tourist spending.
Sales in the Americas also rose, offsetting slower growth in
Europe, which was hurt by protests in France that negatively impacted tourism
and forced the company to close stores for six consecutive Saturdays, Richemont
said. Revenue in the Middle East and Africa decreased during the period due to
unfavorable exchange rates.
Group sales for the third quarter rose 25% to EUR 3.92 billion ($4.49 billion). Jewelry sales for the nine-month period from April to December increased 9% to EUR 5.44 billion ($6.24 billion). Group sales for the same period jumped 23% to EUR 10.72 billion
($12.3 billion).
Image: A Cartier store in Hong Kong. (Rityaecinos)
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Tags:
Cartier, Piaget, Rapaport News, Richemont, Vacheron Constantin, Van Cleef & Arpels
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