Asia Pacific delivers for Richemont
Asia Pacific has continued double-digit growth for heritage brand owner Richemont for its third quarter to the end of December.
Total sales in the quarter increased by 7 per cent at constant exchange rates and by 1 per cent at actual rates over the same period a year earlier.
Retail sales were mainly driven by the group’s jewellery maisons and specialist watchmakers, especially in Asia Pacific, where growth was led by Mainland China, Korea, Hong Kong and Macau.
A rise in sales in Japan was supported by strong growth from the watchmakers and a favourable currency environment, says Richemont. Sales there reached €294 million (US$354 million), up 5 per cent at constant exchange rates but down 6 per cent at actual rates.
Asia Pacific quarterly sales were €1.18 billion, up 11 per cent at constant exchange rates and 5 per cent at actual rates.
Underpinned by solid performances in both jewellery and watches, overall retail sales maintained strong momentum, recording 13 per cent growth. Jewellery shone with an 11 per cent increase.
Other businesses posted stable sales, with growth notably from Montblanc, Chloe and Lancel. Excluding the impact of the sale of Shanghai Tang, the other businesses would have had moderate growth.
Sales over the nine months to the end of December grew by 10 per cent at constant exchange rates and by 7 per cent at actual exchange rates.
Richemont’s portfolio of international “maisons” covers three segments: jewellery (Cartier, Van Cleef & Arpels and Giampiero Bodino), specialist watchmakers (A Lange & Sohne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin, as well as the Ralph Lauren watch and jewellery JV), and other businesses (including Alfred Dunhill, Azzedine Alaia, Chloe, Lancel, Montblanc and Peter Millar).
Richemont also holds a 49 per cent equity-accounted interest in the Yoox Net-a-Porter Group.