Richemont, the Swiss luxury goods giant, reported resilient sales for the Q1 that ended 30th June. However, the overall growth was modest due to challenging comparisons from the prior year and a slowdown in Asia Pacific.<\/p>\n
The bright spot was the performance of the company’s jewellery maisons, which include Cartier, Van Cleef & Arpels, and Buccellati. These brands saw a 2% increase in sales to \u20ac3.59 billion (+4% at constant rates) compared to a stellar 24% growth in the same period last year. Growth was supported by both jewellery and watches. All channels and regions posted higher sales except for wholesale and Asia Pacific, Richemont noted.<\/p>\n
All regions except Asia Pacific (-19%) saw growth: Europe (+4%), Americas (+11%), Japan (+42%), and Middle East & Africa (+9%). Growth was driven by both local customers and increased tourist spending, particularly in Japan which benefited from a weak yen.<\/p>\n
The Specialist Watchmakers division, however, faced a 13% decline in sales. This was primarily due to the significant drop in China, Hong Kong, and Macau, which outweighed the positive performance in Japan.<\/p>\n
For the Q1, Richemont reported overall sales of \u20ac5.3 billion, a 1% decline at actual exchange rates, reflecting the current trends in the luxury goods market.<\/p>\n","protected":false},"excerpt":{"rendered":"
Richemont, the Swiss luxury goods giant, reported resilient sales for the Q1 that ended 30th June. However, the overall growth was modest due to challenging comparisons from the prior year and a slowdown in Asia Pacific. The bright spot was the performance of the company’s jewellery maisons, which include Cartier, Van Cleef & Arpels, and…<\/p>\n","protected":false},"author":1,"featured_media":26913,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-26912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"\n