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Jewellery and Strong Demand from Chinese Customers Drive Richemont Sales Growth

Richemont reported sales growth of 8 percent for the third fiscal quarter and 11 percent of its nine months from April to December 2023 at constant exchange rates. 


Retail sales increased by 11 percent, with growth in all regions – with the exception of Europe - and notable strength in mainland China, Hong Kong and Macau combined as well as in the US. Retail recorded the strongest relative channel performance, led by the jewellery maisons and specialist watchmakers, and further raised its contribution to 71 percent of group sales. Wholesale sales were 4 percent above the prior-year period, sustained by strong sales at the jewellery maisons which more than offset a softer performance across the rest of the group, partly due to further targeted closures of external points of sale.


The group’s three jewellery maisons - Buccellati, Cartier and Van Cleef & Arpels - generated the strongest sales increase (+12 percent), underpinned by solid jewellery and watch sales. Sales progressed in almost all channels and regions. Specialist watchmakers sales rose by 3 percent reflecting a retail outperformance, notably at A. Lange & Söhne, IWC, Jaeger-LeCoultre and Vacheron Constantin, which more than offset the double-digit decline in wholesale sales.


In Asia Pacific, sales growth of 13 percent was fuelled by a 25-percent sales increase in mainland China, Hong Kong and Macau combined, on favourable comparatives against the prior-year period, more than offsetting softer performance in several other Asian markets. In Europe, sales were 3 percent lower as higher sales to Chinese and domestic clienteles did not compensate for an overall reduction in tourist spending, notably from Americas-resident clients. In the Americas, sales rose by 8 percent driven by a resilient economy and lower purchases abroad by domestic clientele, notably in Europe, as previously highlighted. The sharpest sales growth was generated in Japan, at +18 percent, notwithstanding demanding comparatives (+43 percent in the prior-year period). Japan benefitted from growing domestic sales and strong tourist spending, notably from Chinese clients, somewhat favoured by a weakened yen. Sales in the Middle East and Africa region rose by 10 percent, supported by both robust local and tourist demand in the UAE and Saudi Arabia.


Sales over the nine-month period from April to December 2023 increased by 11 percent at constant exchange rates and by 5 percent at actual exchange rates, following double-digit growth experienced in the prior-year period at constant and actual exchange rates.




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