Luxury goods conglomerate Richemont reported solid 7 percent year-on-year growth in sales for the third quarter ended December 31, 2017, driven largely by the company’s high-end jewellery and special watch segments.
“Retail sales maintained strong momentum, recording double-digit growth of 13 percent, underpinned by solid performances from the jewellery maisons and specialist watchmakers,” revealed Richemont. “The jewellery maisons delivered the strongest sales progression, with an 11 percent increase reflecting strength in the retail channel.”
Richemont owns major jewellery brands Cartier, Van Cleef & Arpels and GIampiero Bodino; and watchmakers A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin.
A double-digit growth in Asia Pacific was driven by mainland China, Korea, Hong Kong and Macau. “The performances of the jewellery maisons and specialist watchmakers were particularly noteworthy in this region,” added Richemont.
It also cited an 8 percent growth in the Americas region as a result of good performance from the jewellery maisons. The 5 percent rise in sales in Japan was supported by strong growth from the specialist watchmakers and a favourable currency environment, it added.
Sales in the Middle East and Africa rose by 11 percent on the back of positive economic indicators such as stable currency market, the internalisation of external points of sales and the anticipated introduction of a value-added tax in the UAE.
In Europe, the strength of the euro and challenging comparatives in the United Kingdom weighed on sales, which declined by 1 percent, explained Richemont.
News Source : jewellerynewsasia.com
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
