Richemont Reports a 12% Hike in Revenue

By John Jeffay / July 19, 2022 / www.idexonline.com / Article Link

(IDEX Online) - Richemont reported significant increases in its US and European sales in the three months to June, but a plunge in its revenue from China.The Swiss-based luxury company, that counts Cartier, Van Cleef & Arpels, Jaeger-leCoultre and Piaget among its 26 maisons, said total sales for the quarter were $5.27 billion, an overall growth rate of 12 per cent.Richemont reported 20 per cent sales growth among its jewelry maisons and an 18 per cent increase at its specialist watchmakers (at actual exchange rates).Sales in Europe increased by 42 per cent in Europe, by 25 per cent in the America and by 75 per cent in Japan.  They were down 37 per cent in China."All channels and business areas, as well as most regions, generated sales growth versus the prior year period notwithstanding an uncertain environment and demanding comparatives following a 129 per cent sales rebound in the prior year comparable period," the company said."Despite the disruption experienced in China, the Jewellery Maisons generated a 12 per cent sales growth benefitting from thriving retail sales and solid jewelry and watch sales at Buccellati, Cartier and Van Cleef & Arpels."

Recent News

Crypto market size continues to catch up with gold

November 18, 2024 / www.canadianminingreport.com

Crypto stealing some of gold's thunder

November 18, 2024 / www.canadianminingreport.com

Gold stocks drop on metal price decline

November 11, 2024 / www.canadianminingreport.com

US a major market for Canadian mineral exports

November 11, 2024 / www.canadianminingreport.com

Gold stocks down along with broad equities decline

November 04, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok