Asia adds shine to Richemont sales
Double-digit growth in Mainland China, Hong Kong, Korea and Macau have helped boost sales for Swiss luxury goods group Richemont.
Results for the year to the end of March show Richmont sales grew by 3 per cent at actual rates and by 8 per cent at constant rates to €10.9 billion (US$12.8 billion).
Richemont’s brands include A. Lange & Sohne, Baume & Mercier, Cartier, Chloe, Dunhill, IWC Schaffhausen, Lancel, Jaeger-LeCoultre, Montblanc, Officine Panerai, Piaget, Purdey, Roger Dubuis and Vacheron Constantin.
Excluding the impact of exceptional inventory buy-backs, sales grew by 7 per cent at constant rates, with a strong retail performance reflecting solid jewellery and watch sales.
An improved macroeconomic environment, steady progress on Richemont’s transformation agenda and a mixed currency environment marked the year, says the company.
Sales were driven by high single-digit growth in retail and double-digit growth in Asia Pacific, with particular strength in the main markets of China, Hong Kong, Korea and Macau.
Strong overall retail performance reflected solid jewellery and watch sales, says chairman Johann Rupert.
Asia Pacific sales were strong, with the region accounting for 40 per cent of group sales.
Japan had a 6 per cent rise in sales, thanks to more tourism purchases.
Also beneficial were softer comparative figures and the full-year contribution from the reopened Cartier and the new Piaget and Van Cleef & Arpels flagship stores, all in Ginza.