National Jeweler Network

Financial Reporting

Richemont sales continue to climb in Q3

January 17, 2014

Geneva--Swiss luxury goods group Richemont saw sales increase 9 percent at constant exchange rates to $4 billion in the third quarter, with both its jewelry and watch segments enjoying similar growth.

Richemont’s Jewellery Maisons sector, comprised of Cartier and Van Cleef & Arpels, saw the strongest year-over-year growth out of all Richemont’s business areas, with sales increasing 10 percent to $2.07 billion in the quarter ended Dec. 31.

Sales were up 9 percent for the group’s Specialist Watchmakers, climbing from $1.07 billion in the third quarter of 2012 to $ $1.11 billion during the same period in 2013. 

The watch brands owned by Richemont are Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai, A. Lange & Söhne and Roger Dubuis, as well as the watch and jewelry joint venture with Ralph Lauren.

Sales in the Americas region also were strong, increasing 12 percent to $653.7 million, led by “robust retail demand,” especially in jewelry and for Net-a-Porter, the online luxury retailer owned by Richemont. 

Sales increased in all the company’s other regions--Europe and the Middle East (9 percent), Asia-Pacific (6 percent), and Japan (13 percent).

Retail sales, which were up 14 percent, outperformed wholesale sales, which rose 3 percent. The slower growth in the wholesale channel “reflected caution amongst the group’s business partners, primarily in the Asia-Pacific region,” the company said.

Richemont will release its full-year financial results on May 15.