Revenue at Richemont’s jewelry brands rose in the first fiscal quarter, as strength in the US and European markets offset declines in Japan and China.
Sales at Cartier, Van Cleef & Arpels, Buccellati and Vhernier increased 7% year on year to EUR 3.91 billion ($4.55 billion) — rising 11% at constant exchange rates — for the three months that ended June 30, the Swiss luxury group reported Wednesday. This marks a third successive quarter of double-digit growth at constant exchange rates in the jewelry lines.
Overall, the group saw a strong performance in the US and Europe, which outweighed a downturn in Japan and China. Meanwhile, Hong Kong and Macau remained stable. The company attributed Japan’s 13% plunge, compared to last year’s 42% increase, to the strong yen, which significantly curbed tourist spending, particularly among Chinese shoppers.
Richemont’s jewelry division led its results during the period, with almost all regions recording growth.
Sales at specialist watchmakers — which includes A. Lange & Söhne, Piaget, and Vacheron Constantin — decreased 10% to EUR 824 million ($956.7 million). The segment primarily declined in China, Hong Kong and Macau, and Japan, while the Americas saw double-digit growth.
Group revenue, encompassing jewelry, fashion, accessories and timepieces, was up 3% to EUR 5.41 billion ($6.27 billion).
Image: A Cartier shop window. (Shutterstock)