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Sales Rise at Cartier, Van Cleef
May 19, 2019 10:28 AM
By Rapaport News
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RAPAPORT... Jewelry sales at Richemont — the owner of Cartier and Van
Cleef & Arpels — increased 10% in the past fiscal year, with growth in all regions and channels.
Proceeds from the category rose to EUR 7.08 billion ($7.91
billion) in the 12 months ending March 31. Sales in the watch division
grew 10% to EUR 2.98 billion ($3.33 billion), the company reported Friday.
The results reflected strong client demand, the company said. Jewelry accounted for 36% of
group sales, while the watch division comprised 35%. They are the group’s two
largest product lines.
“In jewelry, growth was sustained by iconic collections…as
well as the introduction of new jewelry creations, such as [Les Galaxies de
Cartier] or Frivole at Van Cleef & Arpels,” Richemont’s chief financial officer, Burkhart Grund, said in an earnings call transcribed by Seeking Alpha. “All had a positive impact on
sales.”
Operating profit for the jewelry division increased 16% to
EUR 2.23 billion ($2.49 billion) for the year. Asia Pacific and the Americas
showed the strongest growth in jewelry, Richemont added.
Group sales jumped 27% to EUR 13.99 billion ($15.62
billion), while profit more than doubled to EUR 2.79 billion ($3.11 billion) from EUR 1.22 billion ($1.36 billion) a year ago.
Image: A Cartier store in Hong Kong. (WiNG)
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Tags:
Burkhart Grund, Cartier, Rapaport News, Richemont, Van Cleef & Arpels
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