Home News Richemont Reports Robust Jewelry Sales Boosted by Asia’s Economic Rebound

Richemont Reports Robust Jewelry Sales Boosted by Asia’s Economic Rebound

by Madonna

In the first half of the fiscal year, Richemont’s jewelry brands, including Cartier, Van Cleef & Arpels, and Buccellati, experienced a notable surge in revenue, driven by a growing demand in various regions, particularly the Asia Pacific.

According to the luxury giant’s Friday report, sales from the jewelry maisons increased by 10% year on year, reaching EUR 6.95 billion ($7.44 billion) for the six months ending September 30. The standout performer was the Asia Pacific region, where sales saw a remarkable 34% rise, attributed to increased demand in mainland China, Hong Kong, and Macau. This surge followed the removal of Covid-19 restrictions at the beginning of the year and a rise in tourism from the mainland to the municipality. Solid sales were also reported in Europe and the Americas.


Richemont highlighted the broad-based strength in performance across product categories, emphasizing the significant contribution of iconic jewelry collections and other creative offerings to the overall success.


Operating profit at the jewelry houses saw a 5% increase to EUR 2.47 billion ($2.64 billion). Richemont attributed the enhanced profitability not only to the rise in sales but also to store renovations and reopenings.


In contrast, specialist watchmakers, including Piaget and Vacheron Constantin, experienced a 3% decline in sales, amounting to EUR 1.99 billion ($2.13 billion). The operating profit from this segment also witnessed a 23% decrease, totaling EUR 391 million ($418.6 million).

While group revenue displayed a healthy 6% rise to EUR 10.22 billion ($10.94 billion), the operating profit dipped slightly by 2% to EUR 2.66 billion ($2.84 billion).

Richemont acknowledged that sales were more robust in the first three months but acknowledged a slowing trend in the second quarter due to economic challenges impacting consumer sentiment. However, the company remains optimistic, anticipating a resurgence in sales as the Chinese government issues stimulus checks to jump-start the economy.


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