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FinancialsSep 16, 2015
Richemont sales ‘subdued’ in Americas
The company saw regional growth of just 2 percent in the five-month period ended Aug. 31, despite its jewelry maisons performing “exceptionally well.”
Geneva--Sales in the Americas rose by 2 percent at constant exchange rates for Richemont in the five-month period ended Aug. 31, with Cartier and Van Cleef & Arpels performing “exceptionally well” in a volatile environment.
Still, the company described sales growth in the region as “subdued,” supported by high jewelry, fashion and accessories, and e-commerce.
Richemont, which owns Cartier and Van Cleef as well as a number of other high-end watch brands, said Wednesday that overall sales for the period increased 4 percent. Sales performances by region were mixed, with double-digit increases in Europe and Japan offsetting decreases in Asia Pacific and soft demand in the Americas and the Middle East.
European sales benefitted from good tourist numbers, helped by the weakness of the euro versus the U.S. dollar and other currencies.
The jewelry maisons, Cartier and Van Cleef & Arpels, reported growth in watch sales in their own boutiques, though the group’s specialist watchmakers--Baume & Mercier, IWC, Jaeger-LeCoultre, Roger Dubuis, Officine Panerai, Vaucheron Constantin and Piaget--saw sales drop 1 percent at constant exchange rates.
Richemont’s jewelry maisons recorded six percent sales growth.
Retail sales, meaning sales at company-owned boutiques, were “strong overall,” with double-digit growth supported by strong jewelry, high jewelry and leather sales. Richemont noted the high retail sales growth in Europe and Japan.
During the period, global retail sales increased 14 percent at constant exchange rates while wholesale dropped 6 percent.
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