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Richemont’s Jewelry Brands Shine in Q3
Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
A ring from Richemont-owned Buccellati’s “Opera Tulle” collection. Richemont’s jewelry brands performed well in its recent third quarter, and watch sales showed signs of recovery. The company attributed the boost in sales to its brands’ classic lines as well as their new releases.
Geneva—Richemont reported solid results in the first nine months of the year, with its jewelry brands continuing to outshine the rest of its portfolio.
For the nine months ended Dec. 31, Richemont reported sales of €17 billion ($19.7 billion), up 5 percent year-over-year at actual exchange rates (10 percent at constant exchange rates).
In the third quarter, sales increased 4 percent year-over-year at actual exchange rates (11 percent at constant exchange rates) to €6.4 billion ($7.4 billion).
Richemont’s jewelry brands, Cartier, Van Cleef & Arpels, Buccellati, and Vhernier, outperformed its watch and fashion brands, marking “another successful festive season,” the company said.
Year-to-date, sales in the jewelry division were up 8 percent year-over-year (14 percent at constant exchange rates) to €12.53 billion ($14.54 billion).
In Q3, jewelry sales grew 6 percent year-over-year (14 percent at constant exchange rates) to €4.79 billion ($5.56 billion).
Richemont’s “Other” category, which includes fashion and accessories, posted a 5 percent decline in sales in Q3 (flat at constant exchange rates) while year-to-date sales were down 3 percent (up 1 percent at constant exchange rates).
Its jewelry brands saw sales rise by double-digits across all channels and were up across all regions, with the Americas, Middle East and Africa, and Japan posting the highest growth rates.
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For the nine months ended Dec. 31, Richemont reported sales of €17 billion ($19.7 billion), up 5 percent year-over-year at actual exchange rates (10 percent at constant exchange rates).
In the third quarter, sales increased 4 percent year-over-year at actual exchange rates (11 percent at constant exchange rates) to €6.4 billion ($7.4 billion).
Richemont’s jewelry brands, Cartier, Van Cleef & Arpels, Buccellati, and Vhernier, outperformed its watch and fashion brands, marking “another successful festive season,” the company said.
Year-to-date, sales in the jewelry division were up 8 percent year-over-year (14 percent at constant exchange rates) to €12.53 billion ($14.54 billion).
In Q3, jewelry sales grew 6 percent year-over-year (14 percent at constant exchange rates) to €4.79 billion ($5.56 billion).
Richemont’s “Other” category, which includes fashion and accessories, posted a 5 percent decline in sales in Q3 (flat at constant exchange rates) while year-to-date sales were down 3 percent (up 1 percent at constant exchange rates).
Its jewelry brands saw sales rise by double-digits across all channels and were up across all regions, with the Americas, Middle East and Africa, and Japan posting the highest growth rates.
Richemont’s watch brands, which have struggled in recent quarters, have begun to recover. In Q3, the watch division recorded its second consecutive quarter of growth at constant exchange rates.
Its watch portfolio consists of A. Lange & Söhne, Baume & Mercier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin.
Sales in the division fell 4 percent year-over-year in the first nine months of the year (up 1 percent at constant exchange rates) to €2.4 billion ($2.8 billion).
Q3 watch sales were up 1 percent year-over-year (up 7 percent at constant exchange rates) to €872 million ($1.01 billion).
The division witnessed growth across all regions, with double-digit growth in the Americas, the Middle East, and Africa.
It had been a challenging time for the watch market, hampered by U.S. tariffs as well as the high price of gold and currency fluctuations.
Last month, U.S. tariffs on Swiss goods were rolled back to 15 percent from 39 percent after the U.S. and Switzerland came to an agreement.
Looking at Richemont’s distribution channels, retail sales were up 5 percent (11 percent at constant exchange rates) year-over-year in the first nine months and up 5 percent (12 percent at constant exchange rates) in Q3.
Online sales were up 1 percent (6 percent at constant exchange rates) year-over-year in the first nine months and down 1 percent (up 5 percent at constant exchange rates) in Q3.
Wholesale sales and royalty income increased 4 percent year-over-year (9 percent at constant exchange rates) in the first nine months and were up 3 percent (9 percent at constant exchange rates) in Q3.
In Q3, Richemont’s jewelry brands led the growth in retail sales, with double-digit sales increases in the category in the wholesale sector.
By region, sales growth in the Americas was driven by local demand. Sales were up 6 percent in Q3 (14 percent at constant exchange rates) while year-to-date sales were up 9 percent (16 percent at constant exchange rates).
Richemont did not provide any financial guidance for the remainder of its fiscal year.
Its full-year results are set to be reported May 22.
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