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Sales in the Americas remain ‘strong’ for Richemont
Sales in the Americas grew 12 percent at constant exchange rates for Richemont in the five-month period ended Aug. 31, the company reported Thursday.
Geneva--Sales in the Americas grew 12 percent at constant exchange rates for Richemont in the five-month period ended Aug. 31, the company reported Thursday.
While the Geneva-based luxury goods conglomerate, which owns Cartier and Van Cleef & Arpels along with a number of luxury watch brands, described overall sales growth as “subdued” that was due only to weakness in Europe, Asia-Pacific and Japan. Sales growth in the Americas “remained strong,” the company said.
In addition, as noted previously by Richemont, its retail sales, meaning sales at company-owned boutiques, continue to outperform its wholesale sales, albeit at a lower level than last year.
During the period, global retail sales grew 5 percent at constant exchange rates while wholesale was up only 2 percent. Sales at Van Cleef & Arpels stores and on Net-A-Porter, an e-tailer of high-end goods, were particularly strong.
The company’s specialist watchmakers, which are Baume & Mercier, IWC, Jaeger-LeCoultre, Roger Dubuis, Officine Panerai, Vacheron Constantin and Piaget, saw 4 percent sales growth at constant exchange rates.
The company’s jewelry maisons, Cartier and Van Cleef & Arpels, recorded 2 percent sales growth. For Cartier specifically, Richemont noted that jewelry sales continue to outperform sales of the brand’s watches, which “have suffered from weak demand and destocking, particularly in Asia Pacific.”
Overall, Richemont’s sales for the five-month period were up 4 percent at constant exchange rates.
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