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Luxury - Sales growth for Richemont in third quarter
22 January 2020

For the third quarter ended December 31, 2019, the Swiss luxury Group posted a 6% increase in sales at actual exchange rates and 4% at constant exchange rates compared with the prior year period, reports ILM.

 

 

Richemont posted strong growth in Europe (+10% at actual exchange rates) and the Americas (+9%) in the third quarter of 2019, with the Asia Pacific region up by a low-single digit (+3%). China and Korea are reported to have recorded strong double-digit increases, more than offsetting a marked contraction in Hong Kong. Sales in Japan decreased 1% at actual exchange rates (-7% at a constant rate), impacted by lower tourist spending given a comparatively stronger Japanese yen and the October 2019 value added tax increase that benefited first half sales, according to the Group.

The 6% sales progression at Jewellery Maisons is said to have been broad-based, driven by jewellery and watches across collections. The Specialist Watchmakers registered modest sales growth, notwithstanding a challenging situation in Hong Kong, with higher sales in directly operated boutiques and wholesale sales broadly in line with the prior year period.

Sales over the nine-month period to December 2019 increased 8% at actual exchange rates and 5% at constant exchange rates, broadly in line with the trend seen in the first six months of the financial year.

 

 

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