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Richemont Announces Strong Performance for the Six-Month Period Ended 30 September 2021

Revenue up 63% at EUR 8,907 million and above pre-pandemic sales

| By Xavier Markl | 1 min read |

Following a turbulent period, the market for luxury goods is well on track for recovery… For the 6 months period ended 30 September 2021, Switzerland-based luxury group Richemont recorded strong revenue growth. At EUR 8,907 million, sales were up 63% at actual exchange rates and 65% at constant exchange rates. Compared to the same period before the pandemic – in 2019 – sales increased by 20% at actual exchange rates and by 24% at constant exchange rates. The operating profit for the period amounted to EUR 1,949 million up 331% year-on-year, and up 67% compared to the same period two years ago.

Richemont reports a 67% increase for the sale of its jewelry Maisons (Cartier, Van Cleef & Arpels…) at EUR 5,097 million. At EUR 1,679 million, sales at the Specialist Watchmakers were 74% higher than in the prior-year period, and 7% higher on a two-year basis. Richemont underlines the growing integration of sales from a multi-brand to a mono-brand environment (Directly operated stores, e-commerce and mono-brand franchise) now accounting for 69% of Watch Specialists business. Last, the sales for online distributors were up 37% at EUR 1,278 million.

By Region, sales accelerated for the Americas (+123% year-on-year), Asia Pacific (+47% year-on-year) and Middle East and Africa (+62% year-on-year) and “robust double-digit sales increases over the six-month period ended 30 September 2019.” The business remains softer in Europe (+62% year-on-year but down 9% compared to the same period in 2019) and in Japan (+56% year-on-year but down 12% compared to the same period in 2019).

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