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Richemont Enjoys Sparkling Jewelry Results

Sep 12, 2018 5:33 AM   By Rapaport News
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RAPAPORT... Jewelry sales at Richemont — the owner of Cartier and Van Cleef & Arpels — increased 11% in the five months ending August 31, the luxury retailer reported Monday.

Proceeds from the group’s largest category rose to $3.33 billion (EUR 2.88 billion) during the period, while sales in the watch division grew 2% to $1.5 billion (EUR 1.3 billion). Jewelry sales climbed 14% at constant exchange rates.

Jewelry sales in the Americas jumped 35% to $1.16 billion (EUR 1 billion), while those in Europe increased 27% to $2 billion (EUR 1.72 billion). Group revenue climbed 22% to $6.57 billion (EUR 5.67 billion). Richemont’s results for the fiscal first half ending September 30 will come out in November.

Richemont also announced the appointment of Jérôme Lambert as group CEO, a position that has been vacant since March 2017, after group chairman Johann Rupert announced he was abolishing the post. Lambert, formerly group chief operating officer, will begin the new role immediately.

Additionally, Helen King will replace Alain Bernard as CEO of Van Cleef & Arpels for the Americas, according to Forbes. She has been with the brand since 2003. Bernard is moving into a new group-level position.

Image: Van Cleef & Arpels store, Fifth Avenue, New York
Tags: Alain Bernard, Cartier, Helen King, Jérôme Lambert, Rapaport News, Richemont, Van Cleef & Arpels
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