Nina's Jewellery
advertisement
Nina's Jewellery
advertisement
Nina's Jewellery
advertisement
Goto your account
Search Stories by: 
and/or
 

News












Jewellery was the company’s best-performing division, while sales at watchmakers benefited from ‘thriving retail sales’. | Source: Watchpro
Jewellery was the company’s best-performing division, while sales at watchmakers benefited from ‘thriving retail sales’. | Source: Watchpro

Richemont performs well in Asia, off-setting decline in US

Swiss luxury goods company Richemont has enjoyed a strong rise in sales off the back of healthy demand in the Asia Pacific region.

Sales at jewellery brands such as Cartier, Van Cleef & Arpels, and Buccellati improved by 19 per on a year-by-year comparison, reaching €3.6 billion ($AU5.95 billion) for the quarter.

Jewellery was the company’s best-performing division, while sales at watchmakers benefited from ‘thriving retail sales’.

Revenue from watch brands such as A. Lange & Söhne, Piaget, and Vacheron Constantin increased by six per cent €1.06 billion ($AU1.75 billion).

“The luxury-goods industry has been counting on a rebound in China after that country’s reopening would make up for weakness in the US market.”
Andy Hoffman, Australian Financial Review.

While the rebounding market in China produced pleasing results, it wasn’t all good news for Richemont – with sales declining in the US amid concerns about inflation and cost-of-living pressures.

“The Swiss owner of Cartier reported a surprise drop in revenue from the Americas in the three months through June. While Richemont’s sales from Asia rose sharply, China reported slower-than-expected economic growth on Monday, signalling signs of a possible pullback in consumer spending,” writes Andy Hoffman of the Australian Financial Review.

“The luxury-goods industry has been counting on a rebound in China after that country’s reopening would make up for weakness in the US market. Now Richemont and its peers are contending with the prospect that its two main growth motors are weakening.”

Group revenue increased 14 per cent on a year-by-year comparison to €5.32 billion ($AU8.79 billion).

More reading
Richemont reports impressive jewellery sales, dismisses takeover rumours
Richemont tackles crime with launch of Enquirus program
Rumours suggest LVMH mulling takeover of Richemont
Sales woes in China for Richemont
Richemont cautious heading into 2023

 











Duraflex Group Australia
advertisement





Read current issue

login to my account
Username: Password:
Rapid Casting
advertisement
SAMS Group Australia
advertisement
Jeweller Magazine
advertisement
© 2024 Befindan Media