Richemont Jewelry Sales Jump Amid Global Strength
November 13, 2022
RAPAPORT... Revenue from Richemont’s jewelry brands was solid in the first fiscal half as demand grew in all regions and the Asia-Pacific market recovered.
Sales from the company’s jewelry maisons — Cartier, Van Cleef & Arpels, and Buccellati — rose 24% year on year to EUR 6.34 billion ($6.58 billion) for the six months ending September 30, the luxury giant reported Friday.
Europe and Japan provided the strongest growth for the segment, while the jewelry maisons’ directly operated stores contributed more than three-quarters of the division’s sales.
“Our jewelry maisons...reaffirmed their leading position,” the company said. “To further support their strong development, manufacturing sites are being expanded, operational teams reinforced, and communication initiatives intensified. Their superior growth was driven by the retail channel.”
Operating profit at the jewelry maisons was up 22% to EUR 2.35 billion ($2.44 billion). In addition to the sales rise, the company attributed the stronger profitability to increased investment in its retail network, manufacturing facilities and communications, as well as store renovations.
Sales at specialist watchmakers, including Piaget and Vacheron Constantin, grew 22% to EUR 20.4 billion ($2.12 billion), while operating profit from the segment jumped 35% to EUR 506 million ($525 million).
Group revenue rose 24% to EUR 9.68 billion ($10.03 billion), with operating profit advancing 26% to EUR 2.72 billion ($2.82 billion).
Image: A Cartier store in San Francisco, California. (Shutterstock)
Article originally published on Diamonds.net here