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Jewelry Sales Shine for Richemont

Figures partly compensate for weak watch segment.
May 14, 2017 9:09 AM   By Rapaport News
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RAPAPORT... Jewelry sales at Richemont  owner of Cartier and Van Cleef & Arpels  increased 7% in the past fiscal year, standing out as a rare growth sector for the luxury group.

Revenue from the category rose to $4.55 billion (EUR 4.2 billion) in the 12 months that ended March 31, partly offsetting weakness in its watch division, where sales slid 15% to $4.75 billion (EUR 4.34 billion), Richemont reported Friday.

“The continued strength of jewelry was driven by a particularly strong momentum in Asia Pacific and the Americas,” Richemont’s deputy chief financial officer Burkhart Grund said in an earnings call transcribed by Seeking Alpha. Jewelry’s contribution to overall group sales rose from 35% to 39% as a result, Grund pointed out.

Overall revenue from jewelry maisons Cartier and Van Cleef & Arpels  including watch sales  slipped 2% to $6.48 billion (EUR 5.93 billion), while profit fell 11% to $1.84 billion (EUR 1.68 billion) for the year. The decline was largely due to lower wholesale revenue from timepieces as the company bought back inventory from retail partners that were overstocked.  

Group sales fell 4% to $11.64 billion (EUR 10.65 billion), with declines in its wholesale division outweighing growth in its retail operations. Profit plummeted 46% to $1.32 billion (EUR 1.21 billion) for the year, which posed challenges for the group, chairman Johann Rupert said.
Tags: Burkhart Grund, Cartier, Jewelry, jewelry maisons, luxury, Rapaport News, Richemont, Van Cleef & Arpels, watches
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