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Richemont Reports Sales up by 8% For Third Quarter, Jewellery Taking the Lead over Watches

Increases across all business areas, yet jewellery performs better than the watchmaking division.

| By Xavier Markl | 1 min read |

Switzerland-based luxury conglomerate Richemont Group has just issued its trading update for the nine months ended 31 December 2023. The group, which includes brands such as Cartier, IWC, JLC and Vacheron, reports sales up by 8% at constant exchange rates and by 4% at actual exchange rates to EUR 5.6 billion for the last quarter of 2023. At EUR 15.8 billion, sales over the nine-month period ending December 2023 increased by 11% at constant exchange rates and by 5% at actual exchange rates.

In an uncertain macro-economic and geopolitical environment, Richemont reports growth for the last quarter of 2023 in almost all regions, business areas and channels at constant exchange rates. The growth was led by Japan (+18%) and Asia Pacific (+13%), Middle East & Africa (+10%) and the Americas (+8%) but contracted by 3% in Europe. The retail network had sales up +11% versus +4% for the wholesale network while online retail had sales down -5%.

By business area, Jewellery Maisons (Bucellati, Cartier, Van Cleef and Arpels) recorded a 12% growth. The activity of Specialist Watchmakers was overall stable. Sales increased by 3% at constant exchange rate and were down 1% at actual exchange rate. The group underlines the positive performance of retail sales for A. Lange & Söhne, IWC, Jaeger-LeCoultre and Vacheron Constantin.

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1 response

  1. Very interesting how these Swiss companies are raking in more money, but the middle class as well as the higher middle class families are having very difficult times.

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