Richemont Thrives on Robust Growth Fueled by Jewellery Segment

Richemont experiences robust expansion driven by a flourishing jewellery segment, reflecting the company's strong performance in the market
Richemont Thrives on Robust Growth Fueled by Jewellery Segment

Richemont's jewellery brands, including Cartier, Van Cleef & Arpels, and Buccellati, witnessed a 6% year-on-year revenue surge to EUR 3.95 billion ($4.31 billion) in the third fiscal quarter, propelled by heightened demand in China, Hong Kong, and the US. Despite a European slowdown attributed to reduced tourist spending, an uptick in domestic sales in the Americas and the resurgence of tourism in Hong Kong and China compensated for the weakness.

Notably, the jewellery division emerged as Richemont's top-performing segment, offsetting softer sales in other categories. Wholesale sales, bolstered by robust jewellery maison performance, surpassed the prior year by 4%, contributing to the overall 4% year-on-year rise in group revenue, totalling EUR 5.59 billion ($6.09 billion). Over the nine months from April to December, jewellery sales surged by 8% to EUR 10.91 billion ($11.88 billion), while specialist watchmakers experienced a 2% decline to EUR 2.93 billion ($3.19 billion). The group's overall sales for the period increased by 5% to EUR 15.81 billion ($17.22 billion).

Diamond World