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China Drives Richemont Growth

Increase offsets weakness in Europe and Hong Kong.
Jan 13, 2019 6:05 AM   By Rapaport News
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 Richemont’s jewelry sales increased 9% in the third fiscal quarter, as strong growth in the Asia Pacific region offset weakness in Europe and the Middle East.

Jewelry proceeds from Cartier and Van Cleef & Arpels rose to EUR 1.99 billion ($2.28 billion) in the three months ending December 31, Richemont reported Friday. Sales at its watchmaker brands, including Piaget and Vacheron Constantin, grew 1% year on year to EUR 790 million ($906.1 million). At constant exchange rates, jewelry sales were up 8%.

Asia-Pacific sales rose amid double-digit growth in mainland China and a high-single-digit increase in Japan. A strong performance in those markets outweighed a slowdown in Hong Kong, as the strength of the local dollar versus the Chinese yuan resulted in lower tourist spending.

Sales in the Americas also rose, offsetting slower growth in Europe, which was hurt by protests in France that negatively impacted tourism and forced the company to close stores for six consecutive Saturdays, Richemont said. Revenue in the Middle East and Africa decreased during the period due to unfavorable exchange rates.

Group sales for the third quarter rose 25% to EUR 3.92 billion ($4.49 billion). Jewelry sales for the nine-month period from April to December increased 9% to EUR 5.44 billion ($6.24 billion). Group sales for the same period jumped 23% to EUR 10.72 billion ($12.3 billion).

Image: A Cartier store in Hong Kong. (Rityaecinos)
Tags: Cartier, Piaget, Rapaport News, Richemont, Vacheron Constantin, Van Cleef & Arpels
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