Richemont up by 5% despite lower sales in China
The Richemont group's turnover for the third quarter of the current financial year was up by 5% at constant exchange rates, thanks to a good performance by its jewellery division (+11%) and online sales (+12%), despite a decline in the Asia Pacific market of -7%.
By Cristina D’Agostino18 janvier 2023
On Wednesday 18 January, the Richemont group announced its results for the third quarter of the fiscal year ending March 2023. While the results were slightly below the expectations of analysts questioned by the AWP press agency, who were anticipating an average organic growth of 7.8% for revenues of 5.6 billion, in reality the Richemont group recorded a 5% increase in sales at constant rates (8% at variable rates) and a turnover of 5.4 billion euros.
The main growth markets were Japan with an exceptional increase of +43% in demand, followed by Europe with +19% and the Middle East and Africa with +10%. The United States showed a slight decline (+3%), mainly due to the strength of the dollar which encouraged customers to buy abroad. The Middle East also benefited from the effect of the World Cup organised in Qatar and a consequent increase in purchasing tourism during the period.
The jewellery houses once again led the growth, with an increase in sales of +8%. Watches, on the other hand, underperformed and disappointed with a -5% decline. The official statement said: "Sales in the 'Specialty Watchmakers' sector declined by 5%, reflecting double-digit declines in Asia-Pacific, which accounts for nearly half of specialty watchmakers' sales, despite double-digit increases in Europe and Japan. Performance varied by company, with continued outperformance by A. Lange & Söhne and A. Lange & Söhne. Lange & Söhne and Vacheron Constantin.
More generally, for the first nine months, group sales grew by +12% at constant exchange rates.
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