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Jewelry Leads Sales Growth at Richemont
Jan 19, 2022 8:35 AM
By Rapaport News
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RAPAPORT... Richemont’s jewelry brands saw impressive gains in the third fiscal quarter as the global luxury market continued its recovery from the Covid-19 downturn.
Revenue at Cartier, Van Cleef & Arpels, and Buccellati jumped 41% year on year to EUR 3.34 billion ($3.79 billion) in the three months ending December 31, the Swiss group reported Wednesday. Sales leaped 55% compared with the same period of 2019, reflecting stronger demand than before the pandemic.
Jewelry was Richemont’s top-performing division during the quarter, with sales growth across a range of product lines and price points, the company said. All regions and channels saw double-digital revenue increases, it added.
Sales at specialist watchmakers — including IWC Schaffhausen, Piaget and Vacheron Constantin — climbed 29% year on year to EUR 977 million ($1.11 billion). Group revenue — encompassing jewelry, fashion, accessories and timepieces — rose 35% year on year to EUR 5.66 billion ($6.42 billion) and was 36% higher than in 2019.
Management noted a “relatively supportive economic environment.” Company-wide sales exceeded pre-pandemic levels across all regions and products, with the Americas seeing the sharpest growth.
Richemont’s share price rose around 7% on Wednesday as of press time.
Image: Cartier engagement rings. (Shutterstock)
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Tags:
Buccellati, Cartier, COVID-19, Europe, IWC Schaffhausen, Jewelry, Piaget, Rapaport News, retail, Richemont, US, Vacheron Constantin, Van Cleef & Arpels, watches
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