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Richemont Confirms Sales Growth Acceleration for The Last Quarter of 2021

Sales are up in all business areas, yet mostly in the Jewellery Division.

calendar | ic_dehaze_black_24px By Brice Goulard | ic_query_builder_black_24px 2 min read |

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.

https://monochrome-watches.com/industry-news-richemont-confirms-sales-growth-in-q4-2021/

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