Not all images were able to load for printing. Please close the print window and try again. Richemont Confirms Sales Growth Acceleration for The Last Quarter of 2021
Sales are up in all business areas, yet mostly in the Jewellery Division.
Following the announcement a few months ago of its strong performance over the 6 first months of its fiscal year, Richemont today released its sales figures for the third quarter ended 31 December 2021 – remember that Richemont closes its books on 31 March – and once again confirms the trend seen over the past year, with recovery of sales in mind following the massive drop due to the pandemic. With sales up by 32% at constant exchange rates compared to the same period last year, and third-quarter sales up by 38% compared to 2019, it even surpasses the pre-pandemic levels (also driven by the integration of new businesses, however).
Overall, all business areas and all regions show double-digit sales growth, with the strongest performance from the Americas and Europe, rebalancing regional sales mix. Indeed, in Europe sales are up by 42% at constant exchange rate compared to the same period last year, and up by 12% compared to numbers of pre-pandemic. Europe this become the second-largest market for the Group, surpassing the Americas. The largest market for Richemont remains, without surprise, Asia Pacific, with sales up by a smaller margin, at +18% compared to the previous but +47% compared to the end of 2019 – the recovery in this area came sooner than in Occidental markets.
Looking at business areas, the growth remains mostly driven by the Jewellery brands – Buccellati, Cartier and Van Cleef & Arpels – with an impressive progression of 57% compared to pre-pandemic levels, and +38% compared to the same period last year. This division now accounts for about 60% of the group’s turnover. The Specialist Watchmakers division saw sales increase by 20% compared to 2019, and by 25% compared to last year, with double-digit growth in most regions and watch Maisons. The division is, however, a less prominent factor in sales, since it accounts for about 17% of the turnover.
To summarize, on a two-year basis, sales exceeded pre-Covid levels across all regions, channels and business areas. For more details, please visit www.richemont.com.
