HK and China propel Richemont luxury salesBusiness | 13 Sep 2017 5:53 pm
Luxury brands group Richemont reported today that double digit sales increases in most markets, including Hong Kong and China, helped lift sales in the Asia Pacific by 23 percent in the five months ended August.
Compagnie Financière Richemont, reported that total sales for the five months ended August increased by 12 percent at constant exchange rates and by 10 percent at actual exchange rates.
Richemont owns a portfolio of leading brands such as Cartier, Van Cleef & Arpels, A Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin as well as the Ralph Lauren Watch and Jewellery joint venture. It also owns Alfred Dunhill, Azzedine Alaïa, Chloé, Lancel, Montblanc and Peter Millar as well as watch component manufacturing. (Pictured, the Cartier homeware collection).
The double digit sales growth was mainly driven by strong performance in the jewelry brands, the group said.
Sales increased in all regions, led by Asia Pacific.
Sales grew by only 3 percent in Europe.This reflects the emerging negative impact of a strong euro on tourist spending. In the United Kingdom, however, sales grew at a double digit rate. In Japan, growth reflected higher domestic and tourist spending. Sales in the Middle East was subdued, Richemont reported.
Retail sales increased in most regions, with solid growth in Asia Pacific, Japan and the Americas.
Retail sales were driven by strong performances in the jewelry brands and the specialist watchmakers as well as by the reopening of the Cartier flagship stores in New York and Tokyo a year ago.