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Richemont Holiday Sales Hint at High-End Rebound

Jan 12, 2017 3:47 AM   By Rapaport News
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RAPAPORT... Sales at Richemont’s jewelry maisons jumped 9 percent to $1.86 billion (EUR 1.75 billion) in the third fiscal quarter as the luxury house observed resurgent demand in the U.S. and Asia.

The jewelry maisons, which includes Cartier and Van Cleef & Arpels, saw sales at constant exchange rates rise 8 percent during the three months to December 31, which includes the holiday season, the Geneva-based luxury group reported.

Group revenue advanced 6 percent to $3.29 billion, driven by the improvement in jewelry and an uptick in retail sales at its ‘specialist watchmakers.’ Sales across all categories in the Asia-Pacific region jumped 10 percent, while the Americas grew 8 percent and Europe climbed 3 percent.

While business improved across most regions, the re-opening in September of the Cartier Mansion in New York partly drove the stronger performance in the Americas. A relaunch of the Cartier flagship store in Tokyo also helped limit the fall in Japan sales to a decline of 1 percent.

Sales at Richemont’s specialist watchmakers, a separate division that includes Baume & Mercier, Piaget and Roger Dubuis, slid 2 percent to $864.9 million. “Positive” retail growth was offset by weakness in the wholesale channel, albeit at a slower rate than previous periods, the company explained.

Image: John Wisniewski
Tags: baume & mercier, Cartier, geneva, High-end jewelry, jewelry ‘maisons, Piaget, Rapaport News, retail, Richemont, Roger Dubuis, specialist watchmakers, Van Cleef & Arpels, watches
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