Asian markets drive Richemont sales

Richemont owns a sprawling luxury brands portfolio that includes Cartier, Van Cleef & Arpels, A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Officine Panerai, Piaget, Roger Dubuis and Vacheron Constantin. The company also has a 49% stake in the Yoox Net-A-Porter Group, a listed online fashion retailer.

Richemont chairman Johann Rupert said the sales growth in the first five months was driven primarily by strong performance in the Jewellery Maisons. He said sales rose in all regions, led by Asia Pacific.

Rupert said the strong Asia Pacific performance was supported by double-digit increases in most markets — including China and Hong Kong, the two markets where a large chunk of Richemont’s inventory buy-backs were undertaken in the previous financial year.

Asia-Pacific sales were up a 23% at constant exchange rates and 22% at actual rates. Solid sales growth was also recorded in the Americas (up 9%) and Japan (up 11% at constant exchange rates and 6% at actual rates), but growth was more pedestrian in Europe (3%) as well as markets in Africa and the Middle East (2% at constant rates and 1% at actual rates).

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