Jewellery business fuels Richemont sales

Diamond Nacklace

Swiss luxury goods group Richemont reported a 3 percent growth in sales for the year ended March 31, 2018 on the back of strong retail performances of jewellery and watches.

It also cited an improved macroeconomic environment, steady progress on Richemont’s transformation agenda and a mixed currency environment as growth drivers.

“Sales increased by 3 percent at actual exchange rates, driven by high single-digit growth in retail and double-digit growth in Asia Pacific, with particular strength in our main markets, namely China, Hong Kong, Korea and Macau,” Richemont Chairman Johann Rupert said. “Strong overall retail performance reflected solid jewellery and watch sales.”

The group’s jewellery arm continued to perform strongly while watches benefited from easier comparatives and the successful relaunch of the “Panthère” line, introducing one of Cartier’s most iconic creations to a new generation, continued Rupert.

At constant exchange rates all regions grew, with the exception of Europe, the company further reported. Asia Pacific enjoyed double digit growth; the Americas and Japan posted mid to high single-digit sales increases before accounting for adverse exchange rate impacts. Retail performance was strong, reflecting solid jewellery and watch sales while wholesale sales declined, noted Richemont.

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