'Thriving' Jewelry Sales Buoy Richemont

RAPAPORT... A robust performance at Richemont's jewelry and watch brands boosted revenue in the first fiscal quarter amid a return to tourist spending as well as strong local demand in the US and Europe.Proceeds from the group's jewelry maisons - Cartier, Van Cleef & Arpels, and Buccellati - rose 20% year on year to EUR 3.02 billion ($3.04 billion) for the three months ending June 30, the company said last week. Revenue at watchmaker brands, including Piaget, Vacheron Constantin and A. Lange & S??hne, grew 18% to EUR 1 billion ($1.01 billion).The jewelry houses and watchmakers saw "strong growth" across all regions and channels, Richemont noted. The increase included the Asia-Pacific region, which was still impacted by Covid-19 restrictions."Despite the disruption experienced in China, the jewelry maisons generated...sales growth, benefiting from thriving retail sales and solid jewelry and watch sales at Buccellati, Cartier, and Van Cleef & Arpels," the luxury retailer explained. Group revenue climbed 20% to EUR 5.26 billion ($5.31 billion) compared to the same period a year ago. Jewelry is Richemont's largest product category, contributing more than half of sales.Sales rose by double-digit numbers in all regions except for Asia Pacific, which was suffering from a resurgence of the coronavirus. Revenue in the Americas was up 41%, while Europe saw 43% growth. Sales in Japan soared 75% but slipped 8% in Asia Pacific. The US was Richemont's largest single market for the quarter, comprising 22% of total group sales, the company added.Image: A Panth??re de Cartier bracelet. (Shutterstock)