ZURICH: Luxury goods group Richemont posted a 5% increase in sales at constant currencies for the three months to Dec. 31, driven by strong growth at its jewellery brands in Asia Pacific and the Middle East.
Sales of luxury watches have contracted sharply during the COVID-19 pandemic, but the jewellery category led by Richemont’s Cartier brand has fared better, motivating LVMH’s recent acquisition of U.S. jeweller Tiffany that could change the competitive landscape.
“The 14% sales progression at the Jewellery Maisons was supported by good jewellery and watch sales at Cartier and Van Cleef & Arpels,” the group also known for IWC watches said in a statement on Wednesday. It did not give an outlook.
Richemont said sales at constant exchange rates grew 5% in the company’s third quarter, while sales at current rates rose 1% to 4.19 billion euros ($5.09 billion).
Asia Pacific and the Middle East and Africa grew by about a quarter while Europe declined 20% and the Americas stagnated.
Sales of the group’s watch brands fell 4%, while sales at its jewellery labels rose 14%.
($1 = 0.8235 euros)
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