Swiss luxury goods giant Richemont announced an 8 percent increase in jewelry sales for the fiscal year ending March 31. However, the company experienced a 13 percent drop in revenue from its watch division.
Jewelry sales from Richemont’s brands such as Cartier, Van Cleef & Arpels, Vhernier, and Buccellati reached EUR 15.3 billion (USD 16.6 billion). Most regions saw sales grow by at least 10 percent, though no specific data was provided for the Asia Pacific market.
Richemont attributed the strong jewelry performance to careful control of operating costs and targeted price increases. These measures helped offset the impact of rising gold prices.
On the other hand, demand for watches was weak, particularly in China and the Asia Pacific region. A strong Swiss franc also weighed on watch sales. Revenue from Richemont’s eight watch brands, including A. Lange & Sohne, Baume & Mercier, IWC Schaffhausen, and Jaeger-LeCoultre, totaled EUR 3.3 billion (USD 3.6 billion).
During the year, Richemont expanded by acquiring the Italian jewelry brand Vhernier. It also invested in new jewelry manufacturing facilities in France.
Overall, Richemont reported total group sales of EUR 21.4 billion (USD 23.2 billion) and an operating profit of EUR 4.5 billion (USD 4.9 billion).
The company described its results as a strong performance amid ongoing economic and geopolitical uncertainty.
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