Luxury goods conglomerate Richemont, renowned for its prestigious Jewellery Maisons, including Buccellati, Cartier, and Van Cleef & Arpels, saw growth across most business areas for its third quarter ending December 2023, with Jewellery Maisons continuing to generate the strongest performance of +12% and +6% at constant and actual exchange rates, respectively. The jewellery division generated the strongest sales increase (+12% to €3.95 billion), underpinned by solid jewellery and watch sales, it said.
For the quarter ending December 2023, Richemont’s overall sales reached €5.6 billion, reflecting an 8% increase at constant exchange rates and a 4% increase at actual rates. The positive results were achieved amidst a challenging global economic and geopolitical landscape.
Regionally, growth was observed across almost all areas, with Japan, Asia Pacific, and the Americas leading the surge. Breaking down the quarterly figures, the Asia Pacific region stood out with a 13% growth, propelled by a substantial 25% increase in mainland China, Hong Kong, and Macau combined. In contrast, Europe experienced a 3% decline, primarily due to reduced tourist spending despite higher sales to Chinese and domestic clienteles. The Americas saw an 8% rise in sales, driven by a resilient economy and lower purchases abroad by domestic clientele.
Noteworthy is the exceptional growth in Japan, where sales surged by 18%, attributed to growing domestic sales and strong tourist spending, particularly from Chinese clients.